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Sample records for vilnius stock exchanges

  1. Stock Exchange

    Science.gov (United States)

    Silverman, Jerry Stuart

    1974-01-01

    Using play money, students buy and sell six types of stock certificates at prices determined periodically by tossing three dice; all students participate as investors, brokers, or banker. In addition to gaining practice on computational skills in a motivational game, students study the real stock market concurrently. (SD)

  2. What Drives Stock Exchange Integration?

    National Research Council Canada - National Science Library

    Ekaterina Dorodnykh

    2013-01-01

    .... After a broad discussion of the existent literature, the investigation combines a large number of potentially relevant determinants for the explanation of whether stock exchanges are participating...

  3. Changes In Stock Returns And Trading Volume Of American Depositary Receipts Around Their U.S. Stock Exchange Listing Switches

    National Research Council Canada - National Science Library

    Kam C Chan; Annie Wong

    2012-01-01

    .... stock exchange to a more prestigious U.S. stock exchange; namely from the NASDAQ or American Stock Exchange to the New York Stock Exchange or from the American Stock Exchange to the NASDAQ since year 2000...

  4. Stock Market Liquidity: A Case Study of Karachi Stock Exchange

    Directory of Open Access Journals (Sweden)

    Hakim Ali Kanasro

    2009-06-01

    Full Text Available A market is to be considered as liquid when large transactions are executed with a small impact on price. This paper identifies the position of stock market liquidity at Karachi Stock Exchange (KSE during the period from 1985 to 2006. The analysis is based on using annual data of the listed firms at KSE and the data available on economic survey of the Government of Pakistan and other sources. For measurements of liquidity at KSE we have used three measuring tools as; Liquidity Analysis, Turnover Ratio and Size of Market to determine the liquidity issues at KSE. We provide the evidences of less stock market liquidity or to say illiquidity at Karachi Stock Exchange during the sample period. Consequently, market is still for behind in its efficiency, especially in liquidity hence it fails to attract new investors. We find that less liquidity causes less synchronicity in prices attracting less inventors and results is low size of market.

  5. Development of the stock exchange information system

    Directory of Open Access Journals (Sweden)

    Miladinović Radojko

    2006-01-01

    Full Text Available The stock exchange represents the key institution for the development of capital market of any country. Thus the information system of every stock exchange must satisfy very strict international standards. The development of these systems is particularly difficult in countries in transition, due to intense economic and legal changes, lack of technical and financial resources, lack of experience and knowledge in the area of the capital market business, etc. Therefore the special software project management methodology for their realization must be clearly defined. In the development process of the Belgrade Stock Exchange (BSE information system a new software project management methodology for its realization has been defined, the application of which is illustrated through a series of different development stages of the Belgrade Stock Exchange information system. In order to make all the problems more comprehensive, only the continuous trading method is described, being the most frequently used trading method in the world.

  6. Scaling in the Bombay stock exchange index

    Indian Academy of Sciences (India)

    Abstract. In this paper we study Bombay stock exchange (BSE) index financial time series for fractal and multifractal behaviour. We show that BSE index time series is monofractal and can be represented by a fractional Brownian motion.

  7. The Effects of Stock Dividend on Stock Return in Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Ebrahim Abbasi

    2014-06-01

    Full Text Available This study is aimed at identifying the relationship between stock dividend issue and return rate of share of 100 firms from Tehran Stock Exchange during years 2007-2011 tending to issue stock dividend. Pearson correlation test was used to examine the relationship between stock dividend issues and return rate of share and results showed that there is no significant relationship between share return rate and the amount of stock dividend and also between stock dividend issue percentage and return rate of share.

  8. Was the stock exchange crisis of 2007 predictable?

    OpenAIRE

    Popescu, Ion; STOICA, Victor; MERUTA, Alexandrina

    2009-01-01

    The aim is to try to solve the dilemma if could be predictable exchange crisis from 2007 in the conditions of market globalization, including stock exchange, under the risk of system. In such circumstances, the value judgments based on those three major developments (The Big Three) recorded in three representative locations: New York Stock Exchange (NYSE), London Stock Exchange (LSE) and Tokyo Stock Exchange (TSE). The analysis led to a technique conslusion, namely the level of support is a t...

  9. Algorithmic Trading at Bucharest Stock Exchange

    Directory of Open Access Journals (Sweden)

    Adrian Victor SĂNDIŢĂ

    2015-09-01

    Full Text Available Very conservative estimates indicate that over 40% of transactions on the stock exchanges in the United States are based on automatically generated orders. Such systems are designed to do algorithmic trading on the basis of a predefined set of rules that determine the composition of the portfolio and the moment in which the purchases and sales of securities are done. Applying highly diverse trading strategies, algorithmic trading systems ultimately aim to maximize profit and minimize risk taking. Algorithmic trading on the Bucharest Stock Exchange is still in its incipient phase. Now, automated trading systems are used only for participants who act as Market Makers for the actions of a few issuers. Estimates indicate a volume of algorithmic trading on the Bucharest Stock Exchange of under 1% of its total transactions. This paper aims to describe a general way that algorithmic trading systems can be connected to the Bucharest Stock Exchange and to present some of our results in the implementation of such a system.

  10. Stock Market Manipulation on the Hong Kong Stock Exchange

    Directory of Open Access Journals (Sweden)

    Dionigi Gerace

    2014-10-01

    Full Text Available This study is the first to empirically examine stock market manipulation on the Hong Kong Stock Exchange. The dataset contains 40 cases of market manipulation from 1996 to 2009 that were successfully prosecuted by the Hong Kong Securities & Futures Commission. Manipulation is found to negatively impact market efficiency measures such as the bid-ask spread and volatility. Markets appear incapable of efficiently responding to the presence of manipulators and are characterised by information asymmetry. Manipulators were successfully able to raise prices and exit the market. This finding contradicts views that trade-based manipulation is entirely unprofitable and self-deterring. The victimisation of information-seeking investors and the market as a whole provides a strong rationale for all jurisdictions, including Australia, to have effective laws that prohibit manipulation and for robust enforcement of those laws to further deter market manipulation.

  11. Determinants of Stock Price Movements: Evidence from Chittagong Stock Exchange, Bangladesh

    OpenAIRE

    Mohammed Syedul Islam; Evana Nusrat Dooty

    2015-01-01

    Stock market plays a vital role in the economic development of an economy. It bridges up between savers and real manufacturers by raising funds from investors to companies. This process was broken down due to the 2010-2011 stock market crash in Bangladesh. Though the determinants of stock price have been settled empirically, the current paper aims to reexamine the relationship between stock price, dividend and retained earnings of 29 listed banks of Chittagong Stock Exchange, in the post-cras...

  12. Operating revenue changes in a demutualized stock exchange

    Directory of Open Access Journals (Sweden)

    Mohamed Hesham Abdel-Hafez

    2015-03-01

    Full Text Available Stock exchanges were traditionally run as cooperative venues. The globalization, the development of technology, and the increase of competition among stock exchanges forced these venues to change their structure and adopt a new one-demutualization- that can be a lifeline in facing these environmental changes in regards to stock exchanges. This new trend enables the exchange to expand their activities and supply the market with new products and services, therefore enhancing the value of the exchange itself. The main sources of revenue for traditional exchanges have been listing fees, transaction fees, membership fees and the sale of information services such as market data, quotations, and trade data. Due to the environmental changes the stock exchanges' services are now executed electronically, and in turn, this has led to an increase in the competition among exchanges. Furthermore, this increased competition has led to the re-adjustment of the regulation structure which gradually erodes the sources of revenues provided by the conventional stock exchanges. The paper divided the research plan into two sections: the first section is to highlight the concept of demutualization process; the phases of demutualization, the factors that push the stock exchanges to demutualize and the benefits of demutualization. The second section was based on statistical comparative analysis of the stock exchanges' revenues prior and after demutualization. The researcher used the regression analysis tool on seven demutualized stock exchanges during the period from 1997-2012. The paper aims to prove that demutualization has a positive effect on the revenues of the stock exchange, thus it enhances the value of the exchange.

  13. An intense Nigerian stock exchange market prediction using logistic ...

    African Journals Online (AJOL)

    This paper is a continuation of our research work on the Nigerian Stock Exchange Market (NSEM) uncertainties, In our previous work (Magaji et al, 2013) we presented the Naive Bayes and SVM-SMO algorithms as a tools for predicting the Nigerian Stock Exchange Market; subsequently we used the same transformed data ...

  14. Stock Market Returns and Exchange Rates in Botswana | Lesotho ...

    African Journals Online (AJOL)

    This paper investigates the effect of bilateral exchange rates on stock market returns in the Botswana Stock Exchange (BSE) measured by the domestic company index (DCI). To examine whether this effect exists or not, Johansen cointegration test, Vector Error Correction model (VECM), Granger causality test, Impulse ...

  15. THE EFFECT OF MACROECONOMIC VARIABLES ON BANKING STOCK PRICE INDEX IN INDONESIA STOCK EXCHANGE

    Directory of Open Access Journals (Sweden)

    Laduna R.

    2018-01-01

    Full Text Available Stock price index can be regarded as a barometer in the measuremet of a nation’s economic condition, besides it can also be used in conducting statistical analysis on the current market. Stock is the proof of one’s share in a company in the form of securities issued by the listed go-public companies. This study was conducted to measure the effect of macroeconomic variables such as inflation, interest rate, and exchange rate on banking stock price index in Indonesia stock exchange or Bursa Efek Indonesia (BEI. The results of study show that inflation and exchange rate posively influence the stock price index. The positive effect of the exchange rate shows that issuers who were positively affected by Rupiah (IDR depreciation appear to be the most dominant group. Meanwhile, the interest rate or Suku Bunga (SBI has a negative effect. Lower interest rate stimulates higher investments and better economic activities which increase the stock price.

  16. Random matrix theory and portfolio optimization in Moroccan stock exchange

    Science.gov (United States)

    El Alaoui, Marwane

    2015-09-01

    In this work, we use random matrix theory to analyze eigenvalues and see if there is a presence of pertinent information by using Marčenko-Pastur distribution. Thus, we study cross-correlation among stocks of Casablanca Stock Exchange. Moreover, we clean correlation matrix from noisy elements to see if the gap between predicted risk and realized risk would be reduced. We also analyze eigenvectors components distributions and their degree of deviations by computing the inverse participation ratio. This analysis is a way to understand the correlation structure among stocks of Casablanca Stock Exchange portfolio.

  17. Comparison of stock valuation models with their intrinsic value in Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Ali Amiri

    2016-06-01

    Full Text Available Stock evaluation is one of the most important and most complex operational processes in the stock exchange. In financial markets, the pricing of tradable assets plays a basic role in resource allocation. After initial stock valuation of listed companies in Tehran Stock Exchange, some changes were observed in prices with the value set by the Stock Exchange. The aim of this study was to determine the model applied in the formation of stock prices in the stock market to find an appropriate market value model among value-based valuation models. To test the models of stock valuation, ordinary least square regression was used. Also, E-Views software was used for further data analysis. The sample included all the companies listed in Tehran Stock Exchange from 2008 till 2013. Based on the stratified random sampling, each industry was selected as a category and using Cochran formula, sample size of 40 participants was determined from each category. The data analysis indicated that the price-to-book ratio (P/B ratio had the highest adjustment factor and had been set as the best stock valuation model.

  18. The Mauritius stock exchange: An assessment | Bundoo | University ...

    African Journals Online (AJOL)

    ... the Stock Exchange of Mauritius: the trading mechanism, the trading progress of the exchange and the regulatory framework. The author finds that low levels of trading activity and high market concentration are severely hampering the development of the exchange. It is also found that returns are serially correlated in the ...

  19. Investigating the effects of liquidity and exchange rate on Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Younos Vakil Alroaia

    2014-08-01

    Full Text Available This paper presents an empirical investigation to study the effects of two macroeconomic factors; namely exchange rate and liquidity on stock index. The proposed study was applied in Iran and on major index of Tehran Stock Exchange over the period 2001-2011. They reported that the currency exchange maintained negative impact on stock exchange for the period of investigation. This is due to the fact that when currency devalued, working capital decreases and firms did not enough money to purchase raw materials, pay wages, etc. In addition, liquidity marinated a direct and positive relationship with exchange index. However, the impact of liquidity seems to be bigger than currency exchange.

  20. Conducting event studies on a small stock exchange

    DEFF Research Database (Denmark)

    Bartholdy, Jan; Olson, Dennis; Peare, Paula

    This paper analyses whether it is possible to perform an event study on a small stock exchange with thinly trade stocks. The main conclusion is that event studies can be performed provided that certain adjustments are made. First, a minimum of 25 events appears necessary to obtain acceptable size...

  1. Millennium Development Goals and the Nigerian Stock Exchange ...

    African Journals Online (AJOL)

    The paper examines the relationship between the Millennium Development Goals and the Nigerian Stock Exchange. It highlighted the significance of having a robust business community (private sector), which is paramount in achieving sustainable national development and the MDGs.

  2. CORPORATE GOVERNANCE AND BANKRUPTCY RISK: EVIDENCE OF TEHRAN STOCK EXCHANGE

    National Research Council Canada - National Science Library

    Reza Khabir; Mohammad Reza Vatanparast

    2016-01-01

    .... The statistical population was chosen among Tehran Stock Exchange companies and by using systematic write off method the financial information related to 81 companies in a five year period of2009...

  3. Treasury Bond Market Segment at Bucharest Stock Exchange

    Directory of Open Access Journals (Sweden)

    Georgescu Maria Andrada

    2013-04-01

    Full Text Available The present paper aims to present the level of development reached by Romanian Treasury bond market segment at Bucharest Stock Exchange. A trial will be made to identify the determinants that contributed to the current level of development of domestic secondary government bond market and the factors that can generate a further (and improved development. The analysis will be descriptive (the data series available for Romanian are short, based on the secondary data offered by Bucharest Stock Exchange.

  4. Analysis of Asset Growth Anomaly on Cross-Section Stock Returns: Evidence from Indonesia Stock Exchange

    OpenAIRE

    Muhammad Iqbal; Buddi Wibowo

    2017-01-01

    Assorted types of market anomalies occur when stock prices deviate from the prediction of classical asset pricing theories. This study aims to examine asset growth anomaly where stocks with high asset growth will be followed by low returns in the subsequent periods. This study, using Indonesia Stock Exchanges data, finds that an equally-weighted low-growth portfolio outperforms high-growth portfolio by average 0.75% per month (9% per annum), confirming existence of asset growth anomaly. The a...

  5. Predicting Stocks with Machine Learning. Stacked Classifiers and other Learners Applied to the Oslo Stock Exchange

    OpenAIRE

    Olden, Magnus

    2016-01-01

    This study aims to determine whether it is possible to make a profitable stock trading scheme using machine learning on the Oslo Stock Exchange (OSE). It compares binary classification learning algorithms and their performance. It investigates whether Stacked Ensemble Learning Algorithms, utilizing other learning algorithms predictions as additional features, outperforms other machine learning techniques. The experiments attempt to predict the daily movement of 22 stocks from OSE with 37 mach...

  6. Modeling Philippine Stock Exchange Composite Index Using Time Series Analysis

    Science.gov (United States)

    Gayo, W. S.; Urrutia, J. D.; Temple, J. M. F.; Sandoval, J. R. D.; Sanglay, J. E. A.

    2015-06-01

    This study was conducted to develop a time series model of the Philippine Stock Exchange Composite Index and its volatility using the finite mixture of ARIMA model with conditional variance equations such as ARCH, GARCH, EG ARCH, TARCH and PARCH models. Also, the study aimed to find out the reason behind the behaviorof PSEi, that is, which of the economic variables - Consumer Price Index, crude oil price, foreign exchange rate, gold price, interest rate, money supply, price-earnings ratio, Producers’ Price Index and terms of trade - can be used in projecting future values of PSEi and this was examined using Granger Causality Test. The findings showed that the best time series model for Philippine Stock Exchange Composite index is ARIMA(1,1,5) - ARCH(1). Also, Consumer Price Index, crude oil price and foreign exchange rate are factors concluded to Granger cause Philippine Stock Exchange Composite Index.

  7. TECHNICAL ANALYSIS ACCURACY AT MACEDONIAN STOCK EXCHANGE

    Directory of Open Access Journals (Sweden)

    Zoran Ivanovski

    2017-06-01

    Full Text Available The main task of this paper is to determine accuracy of some of widely used technical analysis techniques for MBI-10 stocks price forecast at MSE. We are testing accuracy of several technical analysis techniques: MACD (Moving-Average Convergence/Divergence, RSI (Relative Strength Index, Stochastic Oscillator and ADX (Average Directional Index on the three most liquid stocks quoted at MSE and included in MBI-10 index. Technical analysis for MPT, ALK and KMB stocks was performed and recommendations were issued in June 2010, based on monthly and weekly data for the stocks’ price movements during six years period from 2005 to 2010, as well as on their daily price movements from 2009 to 2010. We find that technical analysis is reliable tool for MSE stocks forecasting. Technical analysis predictions for three MSE stocks were confirmed by actual stock price movements within one year period (June 2010-June 2011. We did not find any notable differences in accuracy of use of technical analysis between stocks at MSE as well as between different technical analysis techniques.

  8. Discovering Stock Price Prediction Rules of Bombay Stock Exchange Using Rough Fuzzy Multi Layer Perception Networks

    OpenAIRE

    Chaudhuri, Arindam; De, Kajal; Chatterjee, Dipak

    2013-01-01

    In India financial markets have existed for many years. A functionally accented, diverse, efficient and flexible financial system is vital to the national objective of creating a market driven, productive and competitive economy. Today markets of varying maturity exist in equity, debt, commodities and foreign exchange. In this work we attempt to generate prediction rules scheme for stock price movement at Bombay Stock Exchange using an important Soft Computing paradigm viz., Rough Fuzzy Multi...

  9. Nongratalased Turus, Vilniuses, Riias

    Index Scriptorium Estoniae

    2000-01-01

    Academia Non Grata osales Turu Hyräryllista galeriis David Crawforthi kureeritud rahvusvahelisel festivalil "Realm of the senses - a city wide experiment", Leedus Vilniuse Draamateatris performancei-festivalil "Laboratoorium". 8. XI Riias Matti Milius ja Raul Meel pidasid loenguid akadeemias, ANG esitles installatsiooni "Kreee", R. Meel ja Leonhard Lapin avasid personaalnäituse Reuters House'is. Valgas esitas ANG performance'i "SoftPower".

  10. FUNDAMENTAL ANALYSIS AND DISCOUNTED FREE CASH FLOW VALUATION OF STOCKS AT MACEDONIAN STOCK EXCHANGE

    Directory of Open Access Journals (Sweden)

    Nadica Ivanovska

    2014-06-01

    Full Text Available We examine the valuation performance of Discounted Free Cash Flow Model (DFCF at the Macedonian Stock Exchange (MSE in order to determine if this model offer significant level of accuracy and relevancy for stock values determination. We find that stock values calculated with DCF model are very close to average market prices which suggests that market prices oscillate near their fundamental values. We can conclude that DFCF models are useful tools for the companies’ enterprise values calculation on long term. The analysis of our results derived from stock valuation with DFCF model as well as comparison with average market stock prices suggest that discounted cash flow model is relatively reliable valuation tool that have to be used for stocks analyses at MSE.

  11. Analysis of Right Issue Announcement Effect toward Stock Price Movement and Stock Trading Volume within Issuer in Indonesia Stock Exchange

    Directory of Open Access Journals (Sweden)

    Wilson Yaputra Yakup

    2016-05-01

    Full Text Available The purpose of this study were to identify and analyze the rights issue effect to the stock price, the effect of the rights issue on stock trading volume, the correlation between stock prices before and after the right issue, as well as the correlation between volume of trading activity before the right issue and after that event. The objects of the study are the companies listed on Indonesia Stock Exchange (JSX. The hypothesis stated that right issues have a significant effect on stock price on companies listed on the JSX, rights issues have a significant effect on the stock trading volume on companies listed on the JSX, there is a significant correlation between stock price before and after the rights issue on companies listed in JSX, there is a significant correlation between volume of the stock trading before the rights issue and after that event. Data analysis used were descriptive statistics, simple linear regression analysis and paired t-test. Hypothesis testing was performed by using the Pearson correlation test with significance level of 5%. The results show that the right issue has a positive effect but not significant toward stock prices of companies listed in JSX, right issue has a negative effect and not significant toward the trading volume activity (TVA on companies listed in JSX.

  12. Analysis of Realized Volatility for Nikkei Stock Average on the Tokyo Stock Exchange

    Science.gov (United States)

    Takaishi, Tetsuya; Watanabe, Toshiaki

    2016-04-01

    We calculate realized volatility of the Nikkei Stock Average (Nikkei225) Index on the Tokyo Stock Exchange and investigate the return dynamics. To avoid the bias on the realized volatility from the non-trading hours issue we calculate realized volatility separately in the two trading sessions, i.e. morning and afternoon, of the Tokyo Stock Exchange and find that the microstructure noise decreases the realized volatility at small sampling frequency. Using realized volatility as a proxy of the integrated volatility we standardize returns in the morning and afternoon sessions and investigate the normality of the standardized returns by calculating variance, kurtosis and 6th moment. We find that variance, kurtosis and 6th moment are consistent with those of the standard normal distribution, which indicates that the return dynamics of the Nikkei Stock Average are well described by a Gaussian random process with time-varying volatility.

  13. Asset management using genetic algorithm: Evidence from Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Abbas Sarijaloo

    2014-02-01

    Full Text Available This paper presents an empirical investigation to study the effect of market management using Markowitz theorem. The study uses the information of 50 best performers on Tehran Stock Exchange over the period 2006-2009 and, using Markowitz theorem, the efficient asset allocation are determined and the result are analyzed. The proposed model of this paper has been solved using genetic algorithm. The results indicate that Tehran Stock Exchange has managed to perform much better than average world market in most years of studies especially on year 2009. The results of our investigation have also indicated that one could reach outstanding results using GA and forming efficient portfolio.

  14. CSR and Company's Stock Price. A Comparative Evidence from Bucharest Stock Exchange

    Directory of Open Access Journals (Sweden)

    Adina Dornean

    2017-05-01

    Full Text Available This paper aims at analysing the relationship between Corporate Social Responsibility (CSR and stock price for the companies listed on Bucharest Stock Exchange (BSE in 2015, comparing with the results obtained for 2014. This study investigates the differences in the market stock price (and other market variables, such as dividends and stock return of companies that show CSR compared with those that do not. For this purpose we will use three statistical techniques: discriminant analysis, probit analysis model and logistic regression. There is no significant difference between the prediction ability of the models, in the context in which probit model and logistic regression have and average correct classification of 70.29%, while discriminant analysis records 71.62%. Our analysis highlighted that stock return has a significant impact on CSR activities of a company. Moreover, all discriminants have a positive impact on CSR.

  15. ASPECTS REGARDING THE DEVELOPMENT OF BUCHAREST STOCK EXCHANGE

    Directory of Open Access Journals (Sweden)

    Mirela MATEI

    2008-12-01

    Full Text Available Capital market in Romania is in a slow process of development, because the performances of the Bucharest Stock Exchange (BSE are ranking it among the last ones in Europe. The causes of slow development of capital market and remain behind compared to other Eastern European markets are numerous and consist of: late establishment of the two parts of the capital market û stock exchange and OTC market, modest use of capital market in the privatization process of state-owned companies; compromise of investment funds after scandals with SAFI and FNI; delay reform of the pension system, withdrawal from Bucharest Stock Exchange of major companies such as Dacia Pite║ti, Arctic Gπie║ti or Terapia Cluj Napoca, using bank credit as financing method of Romanian companies. Products lunched by BSE must satisfy the requirements of local and foreign investors who were already accustomed to derivatives launched by the Financial and Commodities Exchange from Sibiu. In addition, Bucharest Stock Exchange should use the experience of major European and American ones that run large financial processes of innovation and launched contracts on weather, volatility indices, price indexes for real estate, etc.

  16. Ranking Tehran’s Stock Exchange Top Fifty Stocks Using Fundamental Indexes and Fuzzy TOPSIS

    Directory of Open Access Journals (Sweden)

    E. S. Saleh

    2017-08-01

    Full Text Available Investment through the purchase of securities, constitute an important part of countries economic exchange. Therefore, making decisions about investing in a particular stock has become one of the most controversial areas of economic and financial research and various institutions have began to rank companies stock and determine priorities of stock purchase to investment. The current research, with the determination of important required indexes for companies ranking based on their shares value on the Tehran stock exchange, can greatly help to the accurate ranking of fifty premier listed companies. Initial ranking indicators are extracted and then a decision-making group (exchange experts with the use of the Delphi method and also non-parametric statistic methods, determines the final indexes. Then, by using Fuzzy ANP, weight criteria are obtained with taking into account their interaction with each other. Finally, using fuzzy TOPSIS and information extraction about the premier fifty listed companies of Tehran stock exchange in 2014 are ranked with the software "Rahavard Novin”. Sensitivity analysis to criteria weight and relevant analysis presentation was conducted at the end of the study procedures.

  17. Cluster fusion-fission dynamics in the Singapore stock exchange

    Science.gov (United States)

    Teh, Boon Kin; Cheong, Siew Ann

    2015-10-01

    In this paper, we investigate how the cross-correlations between stocks in the Singapore stock exchange (SGX) evolve over 2008 and 2009 within overlapping one-month time windows. In particular, we examine how these cross-correlations change before, during, and after the Sep-Oct 2008 Lehman Brothers Crisis. To do this, we extend the complete-linkage hierarchical clustering algorithm, to obtain robust clusters of stocks with stronger intracluster correlations, and weaker intercluster correlations. After we identify the robust clusters in all time windows, we visualize how these change in the form of a fusion-fission diagram. Such a diagram depicts graphically how the cluster sizes evolve, the exchange of stocks between clusters, as well as how strongly the clusters mix. From the fusion-fission diagram, we see a giant cluster growing and disintegrating in the SGX, up till the Lehman Brothers Crisis in September 2008 and the market crashes of October 2008. After the Lehman Brothers Crisis, clusters in the SGX remain small for few months before giant clusters emerge once again. In the aftermath of the crisis, we also find strong mixing of component stocks between clusters. As a result, the correlation between initially strongly-correlated pairs of stocks decay exponentially with average life time of about a month. These observations impact strongly how portfolios and trading strategies should be formulated.

  18. A History of the Rhodesian Stock Exchange: The Formative Years ...

    African Journals Online (AJOL)

    or Register. DOWNLOAD FULL TEXT Open Access DOWNLOAD FULL TEXT Subscription or Fee Access. A History of the Rhodesian Stock Exchange: The Formative Years, 1946-1952. George Karekwaivenani. Abstract. No Abstract Available Zambezia (2003), XXX (i): 9-34. Full Text: EMAIL FULL TEXT EMAIL FULL TEXT

  19. The Mauritius stock exchange: Sectoral analysis, risk and return ...

    African Journals Online (AJOL)

    Companies listed on the Mauritius Stock Exchange are classified into seven sectors of the economy, namely Banking & Insurance, Industry, Investments, Sugar, Commerce, Leisure & Hotels and Transport. Significant improvements in market capitalisation and turnover are noted in all sectors except the Transport sector.

  20. An Intense Nigerian Stock Exchange Market Prediction Using Logistic

    African Journals Online (AJOL)

    tools for predicting the Nigerian Stock Exchange Market; subsequently we used the same transformed data of the NSEM and explored the implementation of the Logistic function on Back-propagation algorithm on the WEKA platform, and results obtained, made us to also conclude that the Back-propagation model of Artificial ...

  1. Price discovery on the Johannesburg Stock Exchange: Examining ...

    African Journals Online (AJOL)

    Given the arbitrage potential of less than instantaneous price changes, studies of price discovery aim to determine which market reflects new information first. This study is the first to examine the price discovery process on the South African Johannesburg Stock Exchange since several significant market changes occurred, ...

  2. "Price-quakes" shaking the world's stock exchanges.

    Science.gov (United States)

    Andersen, Jørgen Vitting; Nowak, Andrzej; Rotundo, Giulia; Parrott, Lael; Martinez, Sebastian

    2011-01-01

    Systemic risk has received much more awareness after the excessive risk taking by major financial instituations pushed the world's financial system into what many considered a state of near systemic failure in 2008. The IMF for example in its yearly 2009 Global Financial Stability Report acknowledged the lack of proper tools and research on the topic. Understanding how disruptions can propagate across financial markets is therefore of utmost importance. Here, we use empirical data to show that the world's markets have a non-linear threshold response to events, consistent with the hypothesis that traders exhibit change blindness. Change blindness is the tendency of humans to ignore small changes and to react disproportionately to large events. As we show, this may be responsible for generating cascading events--pricequakes--in the world's markets. We propose a network model of the world's stock exchanges that predicts how an individual stock exchange should be priced in terms of the performance of the global market of exchanges, but with change blindness included in the pricing. The model has a direct correspondence to models of earth tectonic plate movements developed in physics to describe the slip-stick movement of blocks linked via spring forces. We have shown how the price dynamics of the world's stock exchanges follows a dynamics of build-up and release of stress, similar to earthquakes. The nonlinear response allows us to classify price movements of a given stock index as either being generated internally, due to specific economic news for the country in question, or externally, by the ensemble of the world's stock exchanges reacting together like a complex system. The model may provide new insight into the origins and thereby also prevent systemic risks in the global financial network.

  3. “Price-Quakes” Shaking the World's Stock Exchanges

    Science.gov (United States)

    Andersen, Jørgen Vitting; Nowak, Andrzej; Rotundo, Giulia; Parrott, Lael; Martinez, Sebastian

    2011-01-01

    Background Systemic risk has received much more awareness after the excessive risk taking by major financial instituations pushed the world's financial system into what many considered a state of near systemic failure in 2008. The IMF for example in its yearly 2009 Global Financial Stability Report acknowledged the lack of proper tools and research on the topic. Understanding how disruptions can propagate across financial markets is therefore of utmost importance. Methodology/Principal Findings Here, we use empirical data to show that the world's markets have a non-linear threshold response to events, consistent with the hypothesis that traders exhibit change blindness. Change blindness is the tendency of humans to ignore small changes and to react disproportionately to large events. As we show, this may be responsible for generating cascading events—pricequakes—in the world's markets. We propose a network model of the world's stock exchanges that predicts how an individual stock exchange should be priced in terms of the performance of the global market of exchanges, but with change blindness included in the pricing. The model has a direct correspondence to models of earth tectonic plate movements developed in physics to describe the slip-stick movement of blocks linked via spring forces. Conclusions/Significance We have shown how the price dynamics of the world's stock exchanges follows a dynamics of build-up and release of stress, similar to earthquakes. The nonlinear response allows us to classify price movements of a given stock index as either being generated internally, due to specific economic news for the country in question, or externally, by the ensemble of the world's stock exchanges reacting together like a complex system. The model may provide new insight into the origins and thereby also prevent systemic risks in the global financial network. PMID:22073168

  4. "Price-quakes" shaking the world's stock exchanges.

    Directory of Open Access Journals (Sweden)

    Jørgen Vitting Andersen

    Full Text Available BACKGROUND: Systemic risk has received much more awareness after the excessive risk taking by major financial instituations pushed the world's financial system into what many considered a state of near systemic failure in 2008. The IMF for example in its yearly 2009 Global Financial Stability Report acknowledged the lack of proper tools and research on the topic. Understanding how disruptions can propagate across financial markets is therefore of utmost importance. METHODOLOGY/PRINCIPAL FINDINGS: Here, we use empirical data to show that the world's markets have a non-linear threshold response to events, consistent with the hypothesis that traders exhibit change blindness. Change blindness is the tendency of humans to ignore small changes and to react disproportionately to large events. As we show, this may be responsible for generating cascading events--pricequakes--in the world's markets. We propose a network model of the world's stock exchanges that predicts how an individual stock exchange should be priced in terms of the performance of the global market of exchanges, but with change blindness included in the pricing. The model has a direct correspondence to models of earth tectonic plate movements developed in physics to describe the slip-stick movement of blocks linked via spring forces. CONCLUSIONS/SIGNIFICANCE: We have shown how the price dynamics of the world's stock exchanges follows a dynamics of build-up and release of stress, similar to earthquakes. The nonlinear response allows us to classify price movements of a given stock index as either being generated internally, due to specific economic news for the country in question, or externally, by the ensemble of the world's stock exchanges reacting together like a complex system. The model may provide new insight into the origins and thereby also prevent systemic risks in the global financial network.

  5. Study on the Stock Market Evolution of Companies Listed on Bucharest Stock Exchange

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    Iulia - Oana Ştefan (Belcic - Ştefan

    2016-11-01

    Full Text Available The present study pursues highlighting the perspective of the Romanian stock market on the value of listed companies during a period fully marked by the presence of the global financial crisis. To this purpose I have analyzed 36 companies listed on Bucharest Stock Exchange for a reference period of 5 years, i.e. 2009-2013. The study aimed to determine the level of the most relevant stock exchange indicators, respectively, the Price to Earnings Ratio, Price to Book Value and Dividend Yield and their evolutionary analysis, including by comparison with the average levels of the activity sectors that the companies which form the structure of the sample belong to.

  6. SKEWNESS IN STOCK RETURNS: EVIDENCE FROM THE BUCHAREST STOCK EXCHANGE DURING 2000 – 2011

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    IULIAN PANAIT

    2012-05-01

    Full Text Available Our paper investigates the symmetry in stock returns of the 30 most liquid companies traded on Bucharest Stock Exchange during 2000 – 2011 and also the most representative 5 market indices. Our daily data shows that skewness estimates are slightly negative for most indices and individual stocks, but only a few present values significantly different from the characteristics of a normal distribution. We compare our results with skewness estimates for 21 major and emerging stock market indices around the world and find that such results are similar to other low capitalization and trading volume markets. For all the Romanian and international assets studied, the Studentized-Range (St-R and Jarque-Bera (J-B tests reject the hypothesis of normal distribution of daily returns.

  7. Testing for regime-switching CAPM on Zagreb Stock Exchange

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    Tihana Škrinjarić

    2014-12-01

    Full Text Available The standard Capital Asset Pricing Model assumes that a linear relationship exists between the risk (beta and the expected excess return of a stock. However, empirical findings have shown over the years that this relationship varies over time. Stock markets undergo phases of greater and smaller volatility in which beta varies accordingly (undergoes different regimes. Given that the Croatian capital market is still insufficiently investigated, the aim of this paper is to explore the possibility of a non-linear relationship between the stock risk and return. Linear and Markov-switching models (Hamilton 1989 are examined on the Zagreb Stock Exchange based on monthly data on 21 stocks, ranging from January 2005 to December 2013. In that way, investors can use the results based on the best model when making decisions about buying stocks. Since this is one of the first papers on regime-switching on the Croatian capital market, it will hopefully contribute to the existing literature on investing.

  8. TECHNICAL AND FUNDAMENTAL ANOMALIES. PARADOXES OF MODERN STOCK EXCHANGE MARKETS

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    BAKO Elena Dana

    2013-07-01

    Full Text Available This paper continues the series of researches about the paradoxes of modern stock exchange markets and their impact on the real economy, addressing this time the most important technical anomalies but also fundamental anomalies, which can be observed on the financial markets. As we mentioned in several previous articles, the paradoxes of stock exchanges are related to potential contradictions that arise in relation to a generally accepted truth. A lot of researches in the field of stock market investment focused on finding the answer to the question whether historical prices can be used to predict future prices for listed securities. Complex forecasting methods were created to clarify this aspect. Thus, technical analysis is a method of forecasting the price movements and trends of the market in the future, by studying the market graphs (including here both, the price of the listed instruments and the volume of transactions. The fundamental anomalies refer to the anomalies in trading financial instruments, and to the elements of fundamental analysis. The basic principle of fundamental analysis refers to the fact that the market price of any financial instrument is the result of supply and demand for that instrument. Both the supply and demand that finally determine the price of a financial instrument, are under the influence of various factors. Market’s analysts monitor various economic indicators and examine the market reports, to detect changes that may occur in the economy. The fundamental analysis attempts to predict prices and the overall market development by analyzing some economic indicators, political or social factors which are likely to influence the stock exchange prices. Both technical and fundamental anomalies have a major impact on price formation for financial instruments which are traded on stock exchanges, and are able to offer to warned investors higher earnings.

  9. From Buttonwood to Silicon--A Bicentennial Look at the New York Stock Exchange.

    Science.gov (United States)

    Pahl, Ronald H.

    1992-01-01

    Introduces a journal issue devoted to the New York Stock Exchange. Describes the formation and development of the stock exchange and Wall Street. Discusses the connection between politics and finance and the economic changes in formerly socialist nations. Suggests that the New York Stock Exchange may have to convert to a computer trading system.…

  10. The study of issuance of stocks in venture companies listed in Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Ali Amiri

    2016-09-01

    Full Text Available In order to implement the profitable projects, achieve the maximum efficiency, and increase their shareholders, companies may use different types of financial resources in different ways. The ability of companies to identify the internal and external resources for providing capital and financial programs is considered as one of the main factors that affects on the growth and development of the companies. Financing resources and their usage volume are factors that affect on the companies’ operating performance. In this regard, companies and economic institutions can be financially provided from both inside and outside. Companies can issue and sell new common stocks to investors to provide their required financial resources. This study was conducted to investigate the issuance of stocks as one of resources of financing in the companies. Statistical population of this study was active listed companies in Tehran Stock Exchange. The sample of study was selected among listed companies raising capital through applying stage random sampling and simple random sampling. Sampling was conducted during the period 2008-20013 and finally the sample size including 40 companies were chosen using a Cochran formula. To analyze the obtained information, t-test and correlation coefficient were used. Although the results of the study revealed that there was no significant difference between the internal sources of financing and the issuance of stocks among the studied companies, there is a significant relationship between companies’ issuance of stocks and their size. Companies increase the use of retained earnings and stocks for financing through expanding the size of companies. Also, due to the existence of relationship between financing and the fixed assets of the companies through issuing the stocks of companies, no statistically significant relationship were observed between financing and companies’ profitability. Finally, there was no significant

  11. Eesti Vilniuse saatkonnahoone õhkab kargust

    Index Scriptorium Estoniae

    1998-01-01

    Eesti Vabariigi 80. aastapäevaks valminud Eesti saatkonnahoonest Vilniuses (Vilnius Zverynase raj. Mickeviciuse 4), kuhu on mahutatud saatkond, konsulaat, vastuvõtusaal, suursaadiku residents, külaliskorter; arhitektid Markus Kaasik, Andres Ojari, Inga Raukas, Ilmar Valdur (AS Kolm Pluss Üks), sisekujundus: AS Kolm Pluss Üks ja OÜ GS-DIS, peatöövõtja Merko Ehituse AS.

  12. Applying Portfolio Selection: A Case of Indonesia Stock Exchange

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    Maria Praptiningsih

    2012-01-01

    Full Text Available This study has three objectives. First, we investigate whether Modern Portfolio Theory can be applied on the financial decisions that made by investors or individual in order to increase their wealth through investment activities. Second, we examine the real behavior of each asset in terms of capital assets pricing models. Third, we determine whether our portfolio is the best model to produce a higher return in a given level of risk or a lowest risk in a particular level of return. It is found that three different stocks listed in the Indonesia Stock Exchange have a positive relationship with market returns. The reactions of the investor regarding these stocks are not influenced by each other. Lastly, the minimum variance portfolio (MVP point which represents the single portfolio with the lowest possible level of standard deviation, occurs when the expected return of portfolio is approximately 2.2 percent at a standard deviation of 8.8 percent.

  13. The Impact of fear on the stock exchange gamblers’ behaviour

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    Titus SUCIU

    2015-12-01

    Full Text Available The paper creates a link between the five basic fears in humans and their occurrence when we invest in the stock exchange. The author identifies five basic fears in humans: fear of being rejected, abandoned, humiliated, betrayed and the victim of an injustice. The stock market investor is confronted with the following fears: the disposition effect, the hedonistic approach, the effect of the committed expenditure, the snake bite effect, the dismissal of any regret (or the no regret approach, the status quo prejudice and the endowment effect. The author shows that the stock investor’s seven fears are specific cases of the five basic fears. The first step in confronting these fears is to become aware of the mask worn.

  14. Analysis of Asset Growth Anomaly on Cross-Section Stock Returns: Evidence from Indonesia Stock Exchange

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    Muhammad Iqbal

    2017-03-01

    Full Text Available Assorted types of market anomalies occur when stock prices deviate from the prediction of classical asset pricing theories. This study aims to examine asset growth anomaly where stocks with high asset growth will be followed by low returns in the subsequent periods. This study, using Indonesia Stock Exchanges data, finds that an equally-weighted low-growth portfolio outperforms high-growth portfolio by average 0.75% per month (9% per annum, confirming existence of asset growth anomaly. The analysis is extended at individual stock-level using fixed-effect panel regression in which asset growth effect remains significant even with controlling other variables of stock return determinants. This study also explores further whether asset growth can be included as risk factor. Employing two-stage cross-section regression in Fama and Macbeth (1973, the result aligns with some prior studies that asset growth is not a new risk factor; instead the anomaly is driven by mispricing due to investors’ overreaction and psychological bias. This result imply that asset growth anomaly is general phenomenon that can be found at mostly all stock market but in Indonesia market asset growth anomaly rise from investors’ overreaction, instead of  playing as a factor of risk.

  15. Analysis of Asset Growth Anomaly on Cross-Section Stock Returns: Evidence from Indonesia Stock Exchange

    Directory of Open Access Journals (Sweden)

    Muhammad Iqbal

    2017-06-01

    Full Text Available Assorted types of market anomalies occur when stock prices deviate from the prediction of classical asset pricing theories. This study aims to examine asset growth anomaly where stocks with high asset growth will be followed by low returns in the subsequent periods. This study, using Indonesia Stock Exchanges data, finds that an equally-weighted low-growth portfolio outperforms high-growth portfolio by average 0.75% per month (9% per annum, confirming existence of asset growth anomaly. The analysis is extended at individual stock-level using fixed-effect panel regression in which asset growth effect remains significant even with controlling other variables of stock return determinants. This study also explores further whether asset growth can be included as risk factor. Employing two-stage cross-section regression in Fama and Macbeth (1973, the result aligns with some prior studies that asset growth is not a new risk factor; instead the anomaly is driven by mispricing due to investors’ overreaction and psychological bias. This result imply that asset growth anomaly is general phenomenon that can be found at mostly all stock market but in Indonesia market asset growth anomaly rise from investors’ overreaction, instead of  playing as a factor of risk.

  16. Effects of The Japan Disaster 2011 on the Stock Return and Trading Volume in Indonesia Stock Exchange

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    Sulistyo Wahyu Wijanarko

    2015-06-01

    Full Text Available This study aims to analyze international disaster event on the capital market activities, especially on the Indonesia Stock Exchange. Researcher analyzed the market reaction to the Japan disaster on March 11, 2011. This research using the data 45 companies (LQ-45 in Indonesia Stock Exchange and the event date is ten days before and ten days after the disaster. From the analysis showed that the event is not signifi cantly affecting the stock return and trading volume activity between pre and post the event. These result indicate that the Japan disaster give no impact to the investor on Indonesia Stock Exchange.

  17. Generalized Bogoliubov Polariton Model: An Application to Stock Exchange Market

    Science.gov (United States)

    Thuy Anh, Chu; Anh, Truong Thi Ngoc; Lan, Nguyen Tri; Viet, Nguyen Ai

    2016-06-01

    A generalized Bogoliubov method for investigation non-simple and complex systems was developed. We take two branch polariton Hamiltonian model in second quantization representation and replace the energies of quasi-particles by two distribution functions of research objects. Application to stock exchange market was taken as an example, where the changing the form of return distribution functions from Boltzmann-like to Gaussian-like was studied.

  18. The SAD Cycle for the Bucharest Stock Exchange

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    Razvan STEFANESCU

    2011-11-01

    Full Text Available The SAD effect is a calendar anomaly linked to the few length of the daylight during the autumn and the winter. In this paper we investigate the presence of this seasonal effect on the Romanian capital market. We find evidences of a significant SAD effect for an important index of the Bucharest Stock Exchange. We also identify some differences of this anomaly from before and during the crisis.

  19. Investor Reaction to Mandatory Offers on the Warsaw Stock Exchange

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    Szymon Okoń

    2012-06-01

    Full Text Available The following paper aims to assess investor reaction to mandatory offers on the Warsaw Stock Exchange, which is important because knowledge about these reactions can be used to make better investment decisions. This paper highlights the importance of procedure in making a mandatory offer and its grounds in the Polish legal system. Additionally, it presents empirical research on the reactions of investors to mandatory offers on the Warsaw Stock Exchange. It has been provided that mandatory offers have a significant impact on the price of a company’s shares listed on the Warsaw Stock Exchange. Knowledge about the reactions of investors to a mandatory offer may be used when selecting securities for an investment portfolio. The findings may provide guidance in deciding whether to begin or end investment in the company, both for individual and institutional investors. The event study methodology approach used in the paper is regarded as valuable and can be the basis for further research in other areas of the capital market research, especially in the context of information efficiency.

  20. STUDY ON FINANCIAL COMMUNICATIONS FROM PUBLIC RETAIL COMPANIES: COMPARATIVE ANALYSIS – MILANO STOCK EXCHANGE AND BUCHAREST STOCK EXCHANGE

    Directory of Open Access Journals (Sweden)

    Veronica R GROSU

    2016-09-01

    Full Text Available The economic and financial crisis that hit the world economy has shown that for retail companies, growth continued to record only for those who held full control over every point of sale. The objective of our work is focused on the analysis of the most important financial indicators that a retail company should focus on and include in communication with external stakeholders. We make the connection with problems of the real economy through a comparative study of Romania and Italy, in which we analyze retail companies listed on the Bucharest Stock Exchange (BSE and a similar number of retail companies listed on the Milan Stock Exchange (MSE. The importance of the topic stems from the fact that it is essential for understanding how consumers relate the various retail companies and how the latter model their structure or behavior depending on the requirements and needs of the former.

  1. Does firm size affect stock returns? Evidence from the Zimbabwe Stock Exchange

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    Batsirai Winmore Mazviona

    2014-09-01

    Full Text Available The objective of the study is to investigate the relationship between firm size and stock returns for firms listed on the Zimbabwe Stock Exchange (ZSE between June 2009 and July 2013. We adopt the regression model employed by Banz in 1981, with innovations. The regression is based on constructed portfolios, with market capitalization as the basis for portfolio construction. The portfolios comprise at most 5 stocks, and stocks are sorted in ascending order by market capitalization for selection into portfolios. The sample period spans from June 2009 to July 2013. We select the sample period beginning from 2009 because that is when the government of Zimbabwe demonetized the Zimbabwean dollar and adopted a basket of foreign currencies as legal tender. The data prior to 2009 is also distorted by hyperinflation and therefore is not reliable. The sample size covers 64 companies listed on the ZSE, of which 60 are industrial and 4 are mining companies. We find that the estimated coefficient for the firm size factor is not significant at the 5% level of significance. Therefore, firm size has a positive yet insignificant effect on stock returns for companies listed on the ZSE for the period June 2009 to July 2013. Contrary to the general empirical findings, larger firms on the ZSE tend to exhibit higher risk-adjusted returns than smaller firms.

  2. 26 CFR 1.356-4 - Exchanges for section 306 stock.

    Science.gov (United States)

    2010-04-01

    ... of common stock having a fair market value of $80 and one $100 bond having a fair market value of $100, the bond will be deemed received in exchange for the section 306 stock and it will be treated as... exchange for section 306 stock, an amount equal to the fair market value of the property plus the money, if...

  3. A study on the effect of P/E and PEG ratios on stock returns: Evidence from Tehran Stock Exchange

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    Seyyed Ali Lajevardi

    2014-07-01

    Full Text Available This paper studies the effect of the ratios of P/E and PEG on stock returns of the firms accepted on Tehran Stock Exchange. The study uses regression and Pearson Correlation Coefficient based on the performance of 138 firms over the period 2004- 2009 according to the Iranian calendar to investigate the effects of P/E and PEG on stock returns. The study also uses the models originally proposed by Chahin and Choudhry (2010 [Chahin, S., & Choudhry, T. (2010. Price to earnings, growth radio and value growth based strategies. Social Science Research Network, 19(4.] to discuss the strategies of investing on stocks. The results show that the ratio of P/E had more effect on stock returns than the ratio of PEG and stocks returns had a direct relationship with P/E and an inverse relationship with PEG. In addition, the returns of growth stock were more than value stock.

  4. Causal nexus of foreign stock prices on the Philippine stocks exchange composite index

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    Reynaldo C. Castro

    2016-12-01

    Full Text Available This study investigates the predictive relationship existing between the Philippine Stocks Exchange Index (PSEI and the foreign stock markets. historical data of the daily closing prices of the stock markets (s&p500 of the united states, Nikkei of Japan, Sensex of India, Shcomp of China, STI of Singapore, KLSE of Malaysia, and HKSE of hong kong covering January 4, 2002 to January 29, 2016 (n=3,411 observations were estimated using the Ordinary Least Squares (OLS regression equation, having the PSEI of the Philippines as the predicted variable. It was found out that the foreign stock markets are highly correlated with the PSE. Moreover, OLS regression revealed that an increase of the daily closing prices of s&p500 of United States, Nikkei of Japan, Sensex of India and STI of Singapore increases the value of the PSEI but decreases upon the appreciation of Shcomp of china and the HKSE of Hong Kong. Meanwhile, KLSE of Malaysia yielded no statistical significance towards the PSEI.

  5. Stock Price Reaction to Announcements of Right Issues and Debenture Issues: Evidence from Colombo Stock Exchange

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    Udani Chathurika Edirisinghe

    2015-02-01

    Full Text Available This study investigates the stock market reaction for right issues and debenture issues of Colombo Stock Exchange (CSE during the period of 2005 to 2011 while providing evidence for the research question “how do stock prices react to the debt and equity issue announcements of listed companies in CSE?” In investigating the ex-ante and ex-post market reactions the study employees event study methodology, while predicting abnormal returns, based on three alternative normal/expected returns modeling methods, namely Mean Adjusted Model, Market Adjusted Model, and Capital Asset Pricing Model. When testing the alternative hypothesis, whether stock prices significantly reacts to the announcement of right & debenture issues, results of all models show positive market reaction during the 30 days prior to the announcement and react negatively from 2 days after the announcements for right issues, but for debenture issues market reacted negatively during the period prior to debenture issues and continue to do the same during the post event period. Although the magnitude and significance of abnormal return generated through three alternatives methods differ, the pattern of the CAAR of all models are similar. Thus, as far as the speed of the price adjustment is concerned it seems that the CSE is not efficient.

  6. Test of Random Walk Behavior in Karachi Stock Exchange

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    Muhammad Mudassar

    2013-05-01

    Full Text Available Study was carried out to check the random behavior of the Karachi Stock Exchange (KSE 100 Index during the period of past three financial years to know whether investors could generate abnormal profits during the period or otherwise. Tests used were Runs Test, ADF Test, PP Test and Autocorrelation Function Test. During the study it was found that the performance of KSE 100 Index remained in weak form of inefficiency and investors have been able to generate excessive returns on their investment most of the times.

  7. STOCK EXCHANGE LISTING INDUCES SOPHISTICATION OF CAPITAL BUDGETING

    Directory of Open Access Journals (Sweden)

    Wesley Mendes-da-Silva

    2014-08-01

    Full Text Available This article compares capital budgeting techniques employed in listed and unlisted companies in Brazil. We surveyed the Chief Financial Officers (CFOs of 398 listed companies and 300 large unlisted companies, and based on 91 respondents, the results suggest that the CFOs of listed companies tend to use less simplistic methods more often, for example: NPV and CAPM, and that CFOs of unlisted companies are less likely to estimate the cost of equity, despite being large companies. These findings indicate that stock exchange listing may require greater sophistication of the capital budgeting process.

  8. 76 FR 67509 - Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Order Approving a Proposed Rule...

    Science.gov (United States)

    2011-11-01

    ... COMMISSION Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Order Approving a Proposed Rule.... Introduction On September 14, 2011, the Chicago Stock Exchange, Inc. (``CHX'' or the ``Exchange'') filed with.... Typically, Institutional Brokers provide manual order handling and execution services for other broker...

  9. 78 FR 16311 - Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing and Immediate...

    Science.gov (United States)

    2013-03-14

    ... COMMISSION Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing and Immediate... given that on March 1, 2013, the Chicago Stock Exchange, Inc. (``CHX'' or the ``Exchange'') filed with... the Matching System when entered or (2) it is at a price that would lock or cross a Manual or...

  10. Study on Return and Volatility Spillover Effects among Stock, CDS, and Foreign Exchange Markets in Korea

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    Taly I

    2015-09-01

    Full Text Available The key objective of this study is to investigate the return and volatility spillover effects among stock market, credit default swap (CDS market and foreign exchange market for three countries: Korea, the US and Japan. Using the trivariate VAR BEKK GARCH (1,1 model, the study finds that there are significant return and volatility spillover effects between the Korean CDS market and the Korean stock market. In addition, the return spillover effects from foreign exchange markets and the US stock market to the Korean stock market, and the volatility spillover effect from the Japanese stock market to the Korean stock market are both significant.

  11. Microscopic analysis of currency and stock exchange markets.

    Science.gov (United States)

    Kador, L

    1999-08-01

    Recently it was shown that distributions of short-term price fluctuations in foreign-currency exchange exhibit striking similarities to those of velocity differences in turbulent flows. Similar profiles represent the spectral-diffusion behavior of impurity molecules in disordered solids at low temperatures. It is demonstrated that a microscopic statistical theory of the spectroscopic line shapes can be applied to the other two phenomena. The theory interprets the financial data in terms of information which becomes available to the traders and their reactions as a function of time. The analysis shows that there is no characteristic time scale in financial markets, but that instead stretched-exponential or algebraic memory functions yield good agreement with the price data. For an algebraic function, the theory yields truncated Lévy distributions which are often observed in stock exchange markets.

  12. Extreme value modelling of Ghana stock exchange index.

    Science.gov (United States)

    Nortey, Ezekiel N N; Asare, Kwabena; Mettle, Felix Okoe

    2015-01-01

    Modelling of extreme events has always been of interest in fields such as hydrology and meteorology. However, after the recent global financial crises, appropriate models for modelling of such rare events leading to these crises have become quite essential in the finance and risk management fields. This paper models the extreme values of the Ghana stock exchange all-shares index (2000-2010) by applying the extreme value theory (EVT) to fit a model to the tails of the daily stock returns data. A conditional approach of the EVT was preferred and hence an ARMA-GARCH model was fitted to the data to correct for the effects of autocorrelation and conditional heteroscedastic terms present in the returns series, before the EVT method was applied. The Peak Over Threshold approach of the EVT, which fits a Generalized Pareto Distribution (GPD) model to excesses above a certain selected threshold, was employed. Maximum likelihood estimates of the model parameters were obtained and the model's goodness of fit was assessed graphically using Q-Q, P-P and density plots. The findings indicate that the GPD provides an adequate fit to the data of excesses. The size of the extreme daily Ghanaian stock market movements were then computed using the value at risk and expected shortfall risk measures at some high quantiles, based on the fitted GPD model.

  13. Functional Principal Components Analysis of Shanghai Stock Exchange 50 Index

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    Zhiliang Wang

    2014-01-01

    Full Text Available The main purpose of this paper is to explore the principle components of Shanghai stock exchange 50 index by means of functional principal component analysis (FPCA. Functional data analysis (FDA deals with random variables (or process with realizations in the smooth functional space. One of the most popular FDA techniques is functional principal component analysis, which was introduced for the statistical analysis of a set of financial time series from an explorative point of view. FPCA is the functional analogue of the well-known dimension reduction technique in the multivariate statistical analysis, searching for linear transformations of the random vector with the maximal variance. In this paper, we studied the monthly return volatility of Shanghai stock exchange 50 index (SSE50. Using FPCA to reduce dimension to a finite level, we extracted the most significant components of the data and some relevant statistical features of such related datasets. The calculated results show that regarding the samples as random functions is rational. Compared with the ordinary principle component analysis, FPCA can solve the problem of different dimensions in the samples. And FPCA is a convenient approach to extract the main variance factors.

  14. DERIVATIVE MARKET: AN INTEGRAL PART OF THE ZIMBABWE STOCK EXCHANGE

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    KOSMAS NJANIKE

    2010-01-01

    Full Text Available The study assesses the need for a derivative market as an integral of Zimbabwe Stock Exchange. It also aims to evaluate the feasibility of establishing a derivative market as an essential element of Zimbabwe Stock Exchange. The research identifies factors that need to be addressed to facilitate such a market. Views of various fund managers, financial analysts and dealers drawn from asset management firms were used. Changes in market trends are influenced by hyper inflation and acute financial policies increase the level of unpredictability in fund growth and return. Asset managers need to be in a market where they are able to actively manage and devise mechanisms that promote fund growth and managing the risks they are exposed to. The study revealed that there are many institutional arrangements lacking to facilitate this financial innovation. A thorough analysis of the research findings was made and it concluded that there is need for a derivative market as it can be an efficient vehicle for improving investment performance.

  15. Application of artificial neural network models and principal component analysis method in predicting stock prices on Tehran Stock Exchange

    Science.gov (United States)

    Zahedi, Javad; Rounaghi, Mohammad Mahdi

    2015-11-01

    Stock price changes are receiving the increasing attention of investors, especially those who have long-term aims. The present study intends to assess the predictability of prices on Tehran Stock Exchange through the application of artificial neural network models and principal component analysis method and using 20 accounting variables. Finally, goodness of fit for principal component analysis has been determined through real values, and the effective factors in Tehran Stock Exchange prices have been accurately predicted and modeled in the form of a new pattern consisting of all variables.

  16. Plunges in the Bombay stock exchange: Characteristics and indicators

    Science.gov (United States)

    Banerjee, Kinjal; Sharma, Chandradew; Bittu, N.

    2017-09-01

    We study the various sectors of the Bombay Stock Exchange (BSE) for a period of eight years from January 2006-March 2014. Using the data of the daily returns of a period of eight years we investigate the financial cross-correlation co-efficients among the sectors of BSE and Price by Earning (PE) ratio of BSE Sensex. We show that the behavior of these quantities during normal periods and during crisis is very different. We show that the PE ratio shows a particular distinctive trend in the approach to a crash of the financial market and can therefore be used as an indicator of an impending catastrophe. We propose that a model of analysis of crashes in a financial market can be built using two parameters: (i) the PE ratio and (ii) the largest eigenvalue of the cross-correlation matrix.

  17. Managerial ability and earnings quality: Evidence from Tehran Stock Exchange

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    Hamid Salehi

    2014-07-01

    Full Text Available Auditor independence is associated with the independence of the internal/external auditor from various parties who may have some financial interest in the business being audited. Many countries have set up different rules forcing firms to change their auditors every few years. This helps business retain healthy business. This paper presents an empirical investigation to study the effect of change in auditing system on 90 selected firms from Tehran Stock Exchange over the period 2007-2011. Using a regression model developed earlier by Demerjian et al. (2012a [Demerjian, P. R., Lev, B., Lewis, M. F., & McVay, S. E. (2012a. Managerial ability and earnings quality. The Accounting Review, 88(2, 463-498.], the study determines a positive impact of change in auditor system on business development.

  18. Creating a Global Stock Exchange: Does the Present National System Have a Future?

    Science.gov (United States)

    Warner-Allen, Charles

    Sovereignty and national pride throw up potentially the biggest obstacles in the path of a global stock exchange, being all the more insurmountable because of their bases in emotional politics as opposed to economic logic. A global stock exchange could come about if New York, London and Tokyo could consolidate their current baton-passing activity…

  19. 77 FR 5067 - Self-Regulatory Organizations; National Stock Exchange, Inc.; Notice of Filing and Immediate...

    Science.gov (United States)

    2012-02-01

    ... COMMISSION Self-Regulatory Organizations; National Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Effectuate an Amendment to Its Amended and Restated Certificate of...\\ and Rule 19b-4 thereunder,\\2\\ notice is hereby given that on January 20, 2012, National Stock Exchange...

  20. 76 FR 44638 - Self-Regulatory Organizations; Chicago Stock Exchange, Incorporated; Notice of Filing of Proposed...

    Science.gov (United States)

    2011-07-26

    ... COMMISSION Self-Regulatory Organizations; Chicago Stock Exchange, Incorporated; Notice of Filing of Proposed... thereunder,\\2\\ notice is hereby given that on July 7, 2011, the Chicago Stock Exchange, Incorporated... submissions to ensure that the manual comparison is valid. For example, many of these transactions represent...

  1. Investors’ Behavior Placing Orders in Indonesia Stock Exchange

    Directory of Open Access Journals (Sweden)

    Ghazali Syamni

    2014-08-01

    Full Text Available The  objective  of  this  research  is  to  analyze  the  behavior  pattern  of  trading  volume at  opening  and  closing  of  market  in  Indonesia  Stock  Exchange.  The  behaviors  pattern  is structured by investors' decision in placing buy and sell orders. This research used intraday data transaction history-corporate edition demand and order history stock which included in pre-opening and LQ-45 in Indonesia Stock Exchange on March, April, and Mei 2005. The result of this research is investor place bigger order on the opening and closing markets than period trading. This shows that they are more carefully and more conservative in doing trades on  the  opening  session.  This  can  occur  because  of  the  large  orders  at  the  market  opening is not necessarily for investors to execute the transaction order status match. Research has found that the pattern of investors in making orders morning session has a reverse J pattern and a pattern of J at afternoon session. Reverse J pattern in the morning session subject to lunch time and most of these patterns of behavior are driven by more dominant sell orders in comparison to buy orders, while the afternoon session or the closing of the market is caused by of investors who want to realize higher transaction match. Other implication is investors must  be  more  active  in  observing  all  of  the  information  in  doing  trading  on  pre  opening, during, and closing of market. ";} // -->activate javascript

  2. A Study of Financial Performance and Stock Return in IPO Underpricing Phenomenon on the Indonesia Stock Exchange (IDX

    Directory of Open Access Journals (Sweden)

    Agus Irfani

    2014-08-01

    Full Text Available It is widely believed that financial performance of listed companies on stock exchange might potentially affect long-term stock return. However, the impact of financial performance on underpric-ing is still in debate. The purpose of this study is to examine the effect of financial performance on underpricing at the same period and the effect of both financial performance and underpricing on the long-term stock return on the Indonesia stock exchange (IDX. By employing judgemental sampling method, the sample of this reseach includes 43 underpriced stocks taken from the population of 51 initially public offered stocks on the IDX during 2008-2010. This research uses multiple regression technique to test the hypothesis. This study concludes that not all financial performance ratios affect the underpricing and the long-term stock return in 2011. In addition, this study does not find any em-pirical evidence about the effect of underpricing on the long-term stock return. ";} // -->activate javascript

  3. Volatility Spillover Between the Stock Market and the Foreign Exchange Market in Pakistan

    OpenAIRE

    Qayyum, Abdul; A. R. Kemal

    2006-01-01

    Our paper examines the volatility spillover between the stock market and the foreign exchange market in Pakistan. For long run relationship we use Engle Granger two step procedure and the volatility spillover is modelled through bivariate EGARCH method. The estimated results from cointegration analysis show that there is no long run relationship between the two markets. The results from the volatility modelling show that the behaviour of both the stock exchange and the foreign exchange market...

  4. 76 FR 75586 - Self-Regulatory Organizations; National Stock Exchange, Inc.; Notice of Filing of Proposed Rule...

    Science.gov (United States)

    2011-12-02

    ... From the Federal Register Online via the Government Publishing Office SECURITIES AND EXCHANGE COMMISSION Self-Regulatory Organizations; National Stock Exchange, Inc.; Notice of Filing of Proposed Rule Change Relating to the Proposed Rule Change in Connection With the Proposed Purchase and Sale of the National Stock Exchange, Inc. to CBOE Stock...

  5. An application of Markowitz theorem on Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Hassan Ghodrati

    2014-05-01

    Full Text Available During the past 65 years, there have been tremendous efforts on portfolio selection problem. The standard Markowitz mean–variance model to portfolio selection includes tracing out an efficient frontier, a continuous curve demonstrating the tradeoff between return and risk. This frontier can be often detected via standard quadratic programming, categorized in convex optimization. Traditional Markowitz problem has been recently extended into a new form of mixed integer nonlinear problems by considering various constraints such as cardinality constraints, industry limitation, etc. This paper proposes a mixed integer nonlinear programming to determine optimal asset allocation on Tehran Stock Exchange. The results have indicated that a petrochemical firm named Farabi has gained 44% of the portfolio followed by a drug firm named Kosar Pharmacy gaining 28%. In addition, banking sector was the third winning firm where Eghtesad Novin bank gained nearly 10% of the portfolio. Minerals and mining firms were the next sector in our portfolio where Gol Gohar Iron Ore and Tehran Cement collected 0.73% and 0.57% of the portfolio, respectively. In our survey, auto industry gained only 0.26% of the portfolio, which belonged to Saipa group.

  6. Investigating cultural influences on investment process in stock exchange

    Directory of Open Access Journals (Sweden)

    Shamsodin Nazemi

    2012-09-01

    Full Text Available Cultural variety is a behavioral characteristic of investors and evaluating the cultural influences in the area of financial management on the decisions of investors plays an important role. In fact, different behaviors and decisions are required in various cultures facing the prices, price fluctuations and important or non-important published news of portfolio. In this paper, a questionnaire was designed including 22 cultural items in three criteria of values, facilities and behavior in order to measure the cultural factors affecting investment in stock exchange. Experts’ comments were used on the design of items and quintet Likert spectrum was applied for the answers. Structural equation modeling, or multivariable analysis with latent variables, is a comprehensive statistical approach for testing the hypotheses about relationships between observed and latent variables. Such analyzes have been done by LISREL software and the results showed that there was a significant relationship between investment and its triple factors and also between the items and triple factors affecting on investment.

  7. Events - France. Stock exchange. International; Actualite - France. Bourse. International

    Energy Technology Data Exchange (ETDEWEB)

    Anon.

    2000-10-01

    These columns made of short articles report on facts and events in the oil and gas industry in France and worldwide: 1 - France: increase of the production capacity of the ethylene oxide unit of BP's Lavera plant; the 'Plateaux-du-Vexin' gas pipeline crosses the Seine river; completion of the pumping of the front wreckage of the Erika tanker ship; Total inaugurates a vapor recovery unit at the Gonfreville l'Orcher refinery; a national energy saving plan for the abatement of the greenhouse effect; Sercel, a daughter company of Compagnie Generale de Geophysique (CGG), acquires Mark Products division of Shaw industries; the oil prices shoot the international trade; 2 - stock exchange: trend of market values in the context of oil crisis; 3 - international: important oil and gas strike made by TotalFinaElf and OKIOC (Offshore Kazakhstan International Operating Company) in Kazakhstan; communication: a new look for BP; status of Lukoil reserves in Russia; next round for the exploration of the Norwegian North Sea; Transocean Sedco Forex absorbs R and B Falcon Corp and becomes the first drilling contractor; ENI (Italy) becomes operator on the development of South Pars gas field (Iran) for the phases 4 and 5; Shell Overseas Investments BV, BP and Exxon Mobil have signed strategic alliance agreements with China Petroleum and Chemical Corp (Sinopec); first exploration permits for the Faeroe islands; different gas pricing rules for the industrialists in the different European countries. (J.S.)

  8. The Diversity of Financial Instruments Traded on the Stock Exchange

    Directory of Open Access Journals (Sweden)

    Iulia-Oana BELCIC-ŞTEFAN

    2015-09-01

    Full Text Available The present study aims to accomplish an in depth analysis of the types of financial instruments traded on the stock exchange, showing in detail both their characteristics and their implications in terms of expected earnings but also the level of associated risk. Depending on the timeframe considered and their own aversion to assumed risk, investors must realize optimal selection of the financial instruments in which they aim to place their funds. Thus, for a long-term investor who does not want to assume a high risk is indicated purchasing bonds, government securities or structured products such as capital protected certificates. If the same long-term investor decides that he can take a higher risk in order to obtain higher gains, he can choose to purchase shares or structured products such as index certificates. The third situation targets investors who seek to obtain short-term gains, but with certain aversion towards the level of assumed risk, for whom is recommended to purchase ETF fund units. At the same time, experienced investors pursuing short-term placement of funds and obtaining substantial gains regardless of the level of risk assumed opt, generally, for structured products such as turbo certificates or derivative financial instruments such futures and options.

  9. Forecasting Tehran stock exchange volatility; Markov switching GARCH approach

    Science.gov (United States)

    Abounoori, Esmaiel; Elmi, Zahra (Mila); Nademi, Younes

    2016-03-01

    This paper evaluates several GARCH models regarding their ability to forecast volatility in Tehran Stock Exchange (TSE). These include GARCH models with both Gaussian and fat-tailed residual conditional distribution, concerning their ability to describe and forecast volatility from 1-day to 22-day horizon. Results indicate that AR(2)-MRSGARCH-GED model outperforms other models at one-day horizon. Also, the AR(2)-MRSGARCH-GED as well as AR(2)-MRSGARCH-t models outperform other models at 5-day horizon. In 10 day horizon, three models of AR(2)-MRSGARCH outperform other models. Concerning 22 day forecast horizon, results indicate no differences between MRSGARCH models with that of standard GARCH models. Regarding Risk management out-of-sample evaluation (95% VaR), a few models seem to provide reasonable and accurate VaR estimates at 1-day horizon, with a coverage rate close to the nominal level. According to the risk management loss functions, there is not a uniformly most accurate model.

  10. 78 FR 69900 - Self-Regulatory Organizations; National Stock Exchange, Inc.; Notice of Filing and Immediate...

    Science.gov (United States)

    2013-11-21

    ... From the Federal Register Online via the Government Publishing Office SECURITIES AND EXCHANGE COMMISSION Self-Regulatory Organizations; National Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Its Fee and Rebate Schedule November 15, 2013. Pursuant to Section 19(b)(1) of the Securities Exchange...

  11. 78 FR 19034 - Self-Regulatory Organizations; National Stock Exchange, Inc.; Notice of Filing and Immediate...

    Science.gov (United States)

    2013-03-28

    ... From the Federal Register Online via the Government Publishing Office SECURITIES AND EXCHANGE COMMISSION Self-Regulatory Organizations; National Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Its Fee and Rebate Schedule March 22, 2013. Pursuant to Section 19(b)(1) of the Securities Exchange Ac...

  12. 76 FR 23634 - Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing and Immediate...

    Science.gov (United States)

    2011-04-27

    ... From the Federal Register Online via the Government Publishing Office SECURITIES AND EXCHANGE COMMISSION Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Add the CHX Only Order Type April 21, 2011. Pursuant to Section 19(b)(1) of the Securities Exchange Act of...

  13. 76 FR 44386 - Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing and Immediate...

    Science.gov (United States)

    2011-07-25

    ... From the Federal Register Online via the Government Publishing Office SECURITIES AND EXCHANGE COMMISSION Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Regarding the Obligations of Exchange-Registered Institutional Brokers July 19, 2011. Pursuant to Section 19(b)(...

  14. 76 FR 56246 - Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing and Immediate...

    Science.gov (United States)

    2011-09-12

    ... From the Federal Register Online via the Government Publishing Office SECURITIES AND EXCHANGE COMMISSION Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Alter Cancellation Fee September 6, 2011. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934...

  15. 77 FR 68873 - Self-Regulatory Organizations; National Stock Exchange, Inc.; Notice of Filing and Immediate...

    Science.gov (United States)

    2012-11-16

    ... SECURITIES AND EXCHANGE COMMISSION [Release No. 34-68206; File No. SR-NSX-2012-18] Self-Regulatory Organizations; National Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fee and Rebate Schedule November 9, 2012. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (the `...

  16. 76 FR 72739 - Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing and Immediate...

    Science.gov (United States)

    2011-11-25

    ... From the Federal Register Online via the Government Publishing Office SECURITIES AND EXCHANGE COMMISSION Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Trade Processing Fee November 18, 2011. Pursuant to Section 19(b)(1) of the Securities Exchange Act...

  17. 77 FR 8927 - Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Order Approving a Proposed Rule...

    Science.gov (United States)

    2012-02-15

    ... From the Federal Register Online via the Government Publishing Office SECURITIES AND EXCHANGE COMMISSION Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Order Approving a Proposed Rule Change Regarding Suspension of a Participant's Trading Privileges on the Exchange February 9, 2012. I. Introduction On December 16, 2011, the Chicago...

  18. 75 FR 2914 - Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing and Immediate...

    Science.gov (United States)

    2010-01-19

    ... From the Federal Register Online via the Government Publishing Office SECURITIES AND EXCHANGE COMMISSION Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Implement a Tiered Fee Schedule January 11, 2010. Pursuant to Section 19(b)(1) of the Securities Exchange Act...

  19. Modeling Philippine Stock Exchange Composite Index Using Weighted Geometric Brownian Motion Forecasts

    Directory of Open Access Journals (Sweden)

    Gayo Willy

    2016-01-01

    Full Text Available Philippine Stock Exchange Composite Index (PSEi is the main stock index of the Philippine Stock Exchange (PSE. PSEi is computed using a weighted mean of the top 30 publicly traded companies in the Philippines, called component stocks. It provides a single value by which the performance of the Philippine stock market is measured. Unfortunately, these weights, which may vary for every trading day, are not disclosed by the PSE. In this paper, we propose a model of forecasting the PSEi by estimating the weights based on historical data and forecasting each component stock using Monte Carlo simulation based on a Geometric Brownian Motion (GBM assumption. The model performance is evaluated and its forecast compared is with the results using a direct GBM forecast of PSEi over different forecast periods. Results showed that the forecasts using WGBM will yield smaller error compared to direct GBM forecast of PSEi.

  20. South Africa and United States stock prices and the Rand/Dollar exchange rate

    Directory of Open Access Journals (Sweden)

    Matthew Ocran

    2010-09-01

    Full Text Available This paper seeks to examine the dynamic causal relations between the two major financial assets, stock prices of the US and South Africa and the rand/US$ exchange rate. The study uses a mixed bag of time series approaches such as cointegration, Granger causality, impulse response functions and forecasting error variance decompositions.  The paper identifies a bi-directional causality from the Standard & Poor’s 500 stock price index to the rand/US$ exchange rate in the Granger sense. It was also found that the Standard & Poor’s stock price index accounts for a significant portion of the variations in the Johannesburg Stock Exchange’s All Share index. Thus, while causality in the Granger sense could not be established for the relationship between the price indices of the two stock exchanges it can argued that there is some relationship between them. The results of the study have implications for both business and Government.

  1. Characteristics of Vilnius street prostitutes.

    Science.gov (United States)

    Chaplinskas, S; Mårdh, P A

    2001-03-01

    Women prostituting in Vilnius City, Lithuania, were studied with regard to their socioeconomic background, drug and alcohol abuse, conditions for prostituting and for the carrier rate of sexually transmitted infectious agents. The 73 women studied represented a group of low-socioeconomic prostitutes with a great age span, i.e. 14-52 years. Forty-five per cent had one or more children. Roughly one-third were part-time prostitutes. Some had been trafficking for more than one decade. Some started trafficking at the age of 13, while the other extreme was a woman who began to prostitute at 51 years of age. This group of Vilnius street walkers had few customers per day. Eighteen were intravenous drug users and almost all abused alcohol. All, but one, had one or more sexually transmitted infections (STIs). Syphilis was diagnosed in 8 (13%) and another 10 (16%) had a serological scar of such an infection. HIV infections were not diagnosed. Condoms were not consistently used during their social contacts.

  2. Stock Market Co-Movement and Exchange Rate Flexibility : Experience of the Republic of Korea

    OpenAIRE

    Park, Yung Chul; Park, Hail

    2014-01-01

    This paper argues that for countries where equity investments dominate cross-border capital flows, the proper framework for analyzing the role of a flexible exchange rate system as a buffer against external shocks is the uncovered stock return parity condition, rather than the uncovered interest parity condition. Estimation of the stock return parity condition shows that it fails to hold in the Republic of Korea largely because of co-movement in the Republic of Korea and United States stock m...

  3. Does Ownership Structure Influence Firm Value? An Empirical Research towards the Bucharest Stock Exchange Listed Companies

    National Research Council Canada - National Science Library

    Georgeta Vintila; Stefan Cristian Gherghina

    2015-01-01

      The aim of this study is to research the influence of ownership structure on firm value in order to provide, from our knowledge, the first results for the case of the Bucharest Stock Exchange listed companies...

  4. Ownership, Managerial Control and the Governance of Companies Listed on the Brussels Stock Exchange

    NARCIS (Netherlands)

    Renneboog, L.D.R.

    1999-01-01

    This paper examines how corporate control is exerted in companies listed on the Brussels Stock Exchange. There are several alternative corporate governance mechanisms which may play a role in disciplining poorly performing management: blockholders (holding companies, industrial companies, families

  5. 75 FR 12590 - Self-Regulatory Organizations; The Chicago Stock Exchange, Inc.; Order Approving a Proposed Rule...

    Science.gov (United States)

    2010-03-16

    ... From the Federal Register Online via the Government Publishing Office SECURITIES AND EXCHANGE COMMISSION Self-Regulatory Organizations; The Chicago Stock Exchange, Inc.; Order Approving a Proposed Rule Change To Amend Its Co-Location Fees March 10, 2010. I. Introduction On December 22, 2009, the Chicago Stock Exchange, Inc. (``CHX'' or ``Exchang...

  6. 75 FR 69491 - Self-Regulatory Organizations; Order Approving Proposed Rule Change by New York Stock Exchange...

    Science.gov (United States)

    2010-11-12

    ... From the Federal Register Online via the Government Publishing Office SECURITIES AND EXCHANGE COMMISSION Self-Regulatory Organizations; Order Approving Proposed Rule Change by New York Stock Exchange LLC Changing the NYBX Order Execution Sequence November 5, 2010. I. Introduction On September 9, 2010, the New York Stock Exchange LLC (``Exchange'...

  7. Role of Dividend of Power to Buy Shares in Companies in Indonesia Stock Exchange

    Directory of Open Access Journals (Sweden)

    Iskandar Muda

    2017-06-01

    Full Text Available This study aims to determine the role of the Purchasing Power Shares on manufacturing companies in Indonesia Stock Exchange Period 2014-2015. The variables used in this study as an Independent Variable Dividend and Purchasing Power Shares as Dependent Variables. Power Buy Stocks in this study was measured by the volume of stock sales every year. This research was conducted in Manufacturing company listed on the Indonesia Stock Exchange. The population of this study were 144 companies with purposive sampling as many as 19 of the Company's Manufacturing Company listed on the Indonesia Stock Exchange with the study of the 2014-2015 period in order to obtain 38 units of analysis. Data of this research are secondary data from the financial statements of 19 companies published in the Indonesia Stock Exchange. This research data processing method using the Test Statistics Deskribtif, Classical Assumption Test, Test Linear Regression using SPSS. The results of this study demonstrate that the role of the Dividend has significant influence on the Purchasing Power Shares in Manufacturing Company in Indonesia Stock Exchange (BEI.

  8. Competition and Co-operation between Stock Exchanges in Europe - Legal Aspects and Challenges

    DEFF Research Database (Denmark)

    Sørensen, Karsten Engsig; Clausen, Nis Jul

    2002-01-01

    The article analysis why and how European Stock Exchanges enters into alliances. On the background of alliances as Norex, Euronext and the planned iX the different areas and types of co-operation is discussed.......The article analysis why and how European Stock Exchanges enters into alliances. On the background of alliances as Norex, Euronext and the planned iX the different areas and types of co-operation is discussed....

  9. The Dynamic Relationship Between Stock Prices and Exchange Rates: Evidence from Four Transition Economies

    OpenAIRE

    Morales, Lucia

    2007-01-01

    This article examines the dynamic relationship between exchange rates and stock prices in four Easter European markets, Czech Republic, Hungary, Poland and Slovakia, using stock price and exchange rate data from these countries, as well as stock prices from the United States, Germany and the United Kingdom. The data set consists of daily data over a 7 year period from 1999 to 2006. Both the long-run and the short-run association between these variables are analyzed. We employed the Johansen c...

  10. Trading Mechanisms, Return’s Volatility, and Efficiency in the Casablance Stock Exchange

    Directory of Open Access Journals (Sweden)

    El Mehdi Ferrouhi

    2013-07-01

    Full Text Available Normal 0 false false false EN-US X-NONE X-NONE This paper studies the impact of the stock market continuity on the returns volatility and on the market efficiency in the Casablanca Stock Exchange. For the most active stocks, the trading mechanism used is the continuous market which is preceded by a call market pre opening session. Results obtained concerning return volatility and efficiency under the two trading mechanisms show that the continuous market returns are more volatile than the call market returns and 50% of stocks studied show independence between variations.   Keywords: Trading mechanism, microstructure, call market, continuous market, efficiency, volatility

  11. Investigating the relationship between auditor’s opinion and stock return in the companies listed at Tehran stock exchange market

    Directory of Open Access Journals (Sweden)

    Ali Akbar Farzinfar

    2013-01-01

    Full Text Available This research investigates the relationship between auditor’s opinion and stock return in the companies listed at Tehran stock exchange market. In this study, all required data are collected from aware shareholders and provide a sampling of 130 questionnaires, the data collected over the period 2010-2011 using test methods such as computer software, data analysis and statistical methods to answer research questions. According to research result through questionnaires and tests, there is a significant relationship between stock returns and the auditor's opinion, in fact, for aware shareholders of the company the auditor’s opinion has a special message. This message is based on the results of study hypothesis in comparison with previous research with regard to changes in the questionnaire and provides assumptions that are more detailed. The first finding is that unqualified audit report has a positive impact on stock returns of companies with a medium to low degree. Adverse audit report has a negative impact on stock returns of companies with medium to high degree. Disclaimer of audit report has a negative impact on stock returns of companies with medium to high degree. Finally, qualifying paragraphs, which modified the items of income statement items have more impact in comparison with qualifying paragraphs which modified the Balance Sheet items.

  12. Correlation analysis of the Korean stock market: Revisited to consider the influence of foreign exchange rate

    Science.gov (United States)

    Jo, Sang Kyun; Kim, Min Jae; Lim, Kyuseong; Kim, Soo Yong

    2018-02-01

    We investigated the effect of foreign exchange rate in a correlation analysis of the Korean stock market using both random matrix theory and minimum spanning tree. We collected data sets which were divided into two types of stock price, the original stock price in Korean Won and the price converted into US dollars at contemporary foreign exchange rates. Comparing the random matrix theory based on the two different prices, a few particular sectors exhibited substantial differences while other sectors changed little. The particular sectors were closely related to economic circumstances and the influence of foreign financial markets during that period. The method introduced in this paper offers a way to pinpoint the effect of exchange rate on an emerging stock market.

  13. Effect of market factors on the short-time pricing of stock-exchange metals

    Science.gov (United States)

    Bogdanov, S. V.; Shevelev, I. M.; Chernyi, S. A.

    2016-12-01

    The open trade on the world market is estimated using information of one-day exchange prices of nonferrous and precious metals, oil, reduced crude, and gasoline and the main world stock indices in the time period from January 1, 2009 to December 31, 2015. It is found that the short-term changes in the prices of nonferrous metals are determined by the prices on the metal market. The changes in the prices of energy carriers and the stock trade on the stock market weakly influence the pricing of nonferrous and precious metals. The prices of metals depend on the situation during trade on commodity exchanges, and the stock market indirectly influences the exchange prices of metals through changes in the share prices of the companies that produce copper, aluminum, and zinc.

  14. Multifractal in Volatility of Family Business Stocks Listed on Casablanca STOCK Exchange

    Science.gov (United States)

    Lahmiri, Salim

    In this paper, we check for existence of multifractal in volatility of Moroccan family business stock returns and in volatility of Casablanca market index returns based on multifractal detrended fluctuation analysis (MF-DFA) technique. Empirical results show strong evidence of multifractal characteristics in volatility series of both family business stocks and market index. In addition, it is found that small variations in volatility of family business stocks are persistent, whilst small variations in volatility of market index are anti-persistent. However, large variations in family business volatility and market index volatility are both anti-persistent. Furthermore, multifractal spectral analysis based results show strong evidence that volatility in Moroccan family business companies exhibits more multifractality than volatility in the main stock market. These results may provide insightful information for risk managers concerned with family business stocks.

  15. Factors Affecting the Return Stock Company in Indonesia Stock Exchange (IDX LQ45 in Years 2012-2015

    Directory of Open Access Journals (Sweden)

    Fangki A. Sorongan

    2016-03-01

    Full Text Available This research aimed to determine the effect of partially and jointly independent variable of Debt to Equity Ratio (DER, Return on Equity (ROA, Return on Equity (ROE, and Net Profit Margin (NPM against the dependent variable on the stock return. Objects of this research were companies listed on the Indonesia Stock Exchange (BEI LQ45 continuously for four years in the period 2012-2015. Companies that qualify for this research were 28 companies. Based on this research, the conclusions indicate that all four independent variables; Debt to Equity Ratio (DER, Return on Equity (ROA, Return on Equity (ROE, and Net Profit Margin (NPM, either jointly or partially give the significant effect on return stock.

  16. 77 FR 68167 - Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing and Immediate...

    Science.gov (United States)

    2012-11-15

    ... From the Federal Register Online via the Government Publishing Office SECURITIES AND EXCHANGE COMMISSION Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Single-Sided Orders Fees and Rebates November 8, 2012 Pursuant to Section 19(b)(1) of the Securities...

  17. 76 FR 20393 - Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing and Immediate...

    Science.gov (United States)

    2011-04-12

    ... From the Federal Register Online via the Government Publishing Office SECURITIES AND EXCHANGE COMMISSION Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Extend the Pilot Program Relating to Individual Securities Circuit Breakers April 6, 2011. Pursuant to Sectio...

  18. 77 FR 68185 - Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing and Immediate...

    Science.gov (United States)

    2012-11-15

    ... From the Federal Register Online via the Government Publishing Office ] SECURITIES AND EXCHANGE COMMISSION Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Alter Its Fee Schedule To Increase Its DEA Fees November 8, 2012. Pursuant to Section 19(b)(1) of the...

  19. 78 FR 21485 - Self-Regulatory Organizations; National Stock Exchange, Inc.; Notice of Filing and Immediate...

    Science.gov (United States)

    2013-04-10

    ... From the Federal Register Online via the Government Publishing Office SECURITIES AND EXCHANGE COMMISSION Self-Regulatory Organizations; National Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend its Rule 11.24, Limit Up/Limit Down April 4, 2013. Pursuant to Section 19(b)(1) of the Securities...

  20. 78 FR 61413 - Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing and Immediate...

    Science.gov (United States)

    2013-10-03

    ... From the Federal Register Online via the Government Publishing Office SECURITIES AND EXCHANGE COMMISSION Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Adopt a Market Data Revenue Rebates Program September 27, 2013. Pursuant to Section 19(b)(1) of the Securitie...

  1. 77 FR 68183 - Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing and Immediate...

    Science.gov (United States)

    2012-11-15

    ... From the Federal Register Online via the Government Publishing Office SECURITIES AND EXCHANGE COMMISSION Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Alter Its Fee Schedule To Amend Its Institutional Broker Credits November 8, 2012. Pursuant to Section 19(b)(...

  2. 77 FR 72423 - Self-Regulatory Organizations; National Stock Exchange, Inc.; Notice of Filing and Immediate...

    Science.gov (United States)

    2012-12-05

    ... From the Federal Register Online via the Government Publishing Office SECURITIES AND EXCHANGE COMMISSION Self-Regulatory Organizations; National Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Adopt a New Order Type Called the Double Play Order November 29, 2012. Pursuant to Section 19(b)(1) of the...

  3. 77 FR 69522 - Self-Regulatory Organizations; National Stock Exchange, Inc.; Notice of Filing and Immediate...

    Science.gov (United States)

    2012-11-19

    ... From the Federal Register Online via the Government Publishing Office SECURITIES AND EXCHANGE COMMISSION Self-Regulatory Organizations; National Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fee and Rebate Schedule November 13, 2012. Pursuant to Section 19(b)(1) of the Securities...

  4. 76 FR 74088 - Self-Regulatory Organizations; Chicago Stock Exchange, Incorporated; Notice of Filing Proposed...

    Science.gov (United States)

    2011-11-30

    ... From the Federal Register Online via the Government Publishing Office SECURITIES AND EXCHANGE COMMISSION Self-Regulatory Organizations; Chicago Stock Exchange, Incorporated; Notice of Filing Proposed Rule Change To Exclude Rights and Warrants From the Individual Securities Circuit Breaker Rule November 23, 2011. Pursuant to Section 19(b)(1) of...

  5. 78 FR 1290 - Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing and Immediate...

    Science.gov (United States)

    2013-01-08

    ... From the Federal Register Online via the Government Publishing Office SECURITIES AND EXCHANGE COMMISSION Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to Telemarketing Rules December 18, 2012. Correction In notice document 2012-30886 appearing on pages...

  6. 76 FR 50524 - Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing and Immediate...

    Science.gov (United States)

    2011-08-15

    ... From the Federal Register Online via the Government Publishing Office ] SECURITIES AND EXCHANGE COMMISSION Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Extend the Pilot Program Relating to Clearly Erroneous Transactions August 9, 2011. Pursuant to Section 1...

  7. 75 FR 59310 - Self-Regulatory Organizations; New York Stock Exchange LLC; Order Approving a Proposed Rule...

    Science.gov (United States)

    2010-09-27

    ... From the Federal Register Online via the Government Publishing Office SECURITIES AND EXCHANGE COMMISSION Self-Regulatory Organizations; New York Stock Exchange LLC; Order Approving a Proposed Rule Change Amending Its Price List To Reflect Fees Charged for Co-Location Services September 21, 2010. On August 3, 2010, New York Stock Exchange LLC (`...

  8. 78 FR 70987 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate...

    Science.gov (United States)

    2013-11-27

    ... From the Federal Register Online via the Government Publishing Office SECURITIES AND EXCHANGE COMMISSION Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the New York Stock Exchange Price List Related to Co-Location Services November 21, 2013. Pursuant to...

  9. 78 FR 16551 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate...

    Science.gov (United States)

    2013-03-15

    ... From the Federal Register Online via the Government Publishing Office SECURITIES AND EXCHANGE COMMISSION Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending the New York Stock Exchange LLC Price List To Increase the Gross FOCUS Fee March 11, 2013. Pursuant to...

  10. 77 FR 1769 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing of Proposed Rule...

    Science.gov (United States)

    2012-01-11

    ... From the Federal Register Online via the Government Publishing Office SECURITIES AND EXCHANGE COMMISSION Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing of Proposed Rule Change by New York Stock Exchange LLC To Amend the Schedule of Rebates Paid to Supplemental Liquidity Providers for Providing Liquidity January 5,...

  11. 77 FR 16298 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate...

    Science.gov (United States)

    2012-03-20

    ... From the Federal Register Online via the Government Publishing Office SECURITIES AND EXCHANGE COMMISSION Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Implementing Certain Changes to the Transaction Fees and Credits Within the New York Stock Exchange Price List...

  12. 77 FR 47471 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate...

    Science.gov (United States)

    2012-08-08

    ... From the Federal Register Online via the Government Publishing Office SECURITIES AND EXCHANGE COMMISSION Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Implementing Certain Changes to the Credits Within the New York Stock Exchange Price List That Are Applicable to...

  13. 78 FR 2306 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate...

    Science.gov (United States)

    2013-01-10

    ... From the Federal Register Online via the Government Publishing Office SECURITIES AND EXCHANGE COMMISSION Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Eliminating Certain Credits Within the New York Stock Exchange LLC Price List January 4, 2013. Pursuant to Sectio...

  14. 76 FR 27683 - Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing of Proposed Change...

    Science.gov (United States)

    2011-05-12

    ... From the Federal Register Online via the Government Publishing Office SECURITIES AND EXCHANGE COMMISSION Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing of Proposed Change To Add All NMS Stocks to the Single Securities Circuit Breaker Pilot Program May 6, 2011. Pursuant to Section 19(b)(1) of the Securities Exchange...

  15. 77 FR 15826 - Self-Regulatory Organizations; New York Stock Exchange LLC; Order Approving a Proposed Rule...

    Science.gov (United States)

    2012-03-16

    ... From the Federal Register Online via the Government Publishing Office SECURITIES AND EXCHANGE COMMISSION Self-Regulatory Organizations; New York Stock Exchange LLC; Order Approving a Proposed Rule Change To Establish an NYBX Immediate-or- Cancel Order March 12, 2012. I. Introduction On January 11, 2012, the New York Stock Exchange LLC (``NYSE''...

  16. 77 FR 57627 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate...

    Science.gov (United States)

    2012-09-18

    ... From the Federal Register Online via the Government Publishing Office SECURITIES AND EXCHANGE COMMISSION Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending Sections 902.02 and 902.03 of the Listed Company Manual of the New York Stock Exchange LLC September 12,...

  17. 77 FR 63406 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate...

    Science.gov (United States)

    2012-10-16

    ... From the Federal Register Online via the Government Publishing Office SECURITIES AND EXCHANGE COMMISSION Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Implementing Changes to Certain Fees and Credits Within the New York Stock Exchange LLC Price List October 9, 201...

  18. 77 FR 67431 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate...

    Science.gov (United States)

    2012-11-09

    ... From the Federal Register Online via the Government Publishing Office SECURITIES AND EXCHANGE COMMISSION Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Proposing To Make Changes to Certain Fees and Credits Within the New York Stock Exchange LLC Price List November ...

  19. 75 FR 4600 - Self-Regulatory Organizations; New York Stock Exchange LLC; Order Approving Proposed Rule Change...

    Science.gov (United States)

    2010-01-28

    ... From the Federal Register Online via the Government Publishing Office SECURITIES AND EXCHANGE COMMISSION Self-Regulatory Organizations; New York Stock Exchange LLC; Order Approving Proposed Rule Change Relating to Changes in NYSE Realtime Reference Prices Service January 22, 2010. I. Introduction On November 27, 2009, the New York Stock Exchange...

  20. 77 FR 63404 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate...

    Science.gov (United States)

    2012-10-16

    ... From the Federal Register Online via the Government Publishing Office SECURITIES AND EXCHANGE COMMISSION Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Section 902.02 of the New York Stock Exchange Listed Company Manual Regarding Waivers for Certain Listin...

  1. 77 FR 50742 - Self-Regulatory Organizations; New York Stock Exchange LLC; Order Approving a Proposed Rule...

    Science.gov (United States)

    2012-08-22

    ... From the Federal Register Online via the Government Publishing Office SECURITIES AND EXCHANGE COMMISSION Self-Regulatory Organizations; New York Stock Exchange LLC; Order Approving a Proposed Rule Change Amending the New York Stock Exchange Price List To Provide for Additional Co-location Services and Establish Related Fees August 15, 2012. I....

  2. 75 FR 2899 - Self-Regulatory Organizations; New York Stock Exchange LLC; Order Approving Proposed Rule Change...

    Science.gov (United States)

    2010-01-19

    ... From the Federal Register Online via the Government Publishing Office SECURITIES AND EXCHANGE COMMISSION Self-Regulatory Organizations; New York Stock Exchange LLC; Order Approving Proposed Rule Change Amending Its Listing Fees for Structured Products January 12, 2010. I. Introduction On November 19, 2009, New York Stock Exchange LLC (``NYSE'' o...

  3. 77 FR 65028 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate...

    Science.gov (United States)

    2012-10-24

    ... trading market outside the United States, provided such market is a regulated stock exchange. The Exchange... Market or Primary Trading Market Outside the United States, Provided Such Market is a Regulated Stock..., Mexico or the United States (``North America''), the Exchange will include all North American holders and...

  4. 78 FR 42813 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate...

    Science.gov (United States)

    2013-07-17

    ... COMMISSION Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate... on June 28, 2013, New York Stock Exchange LLC (``NYSE'' or ``Exchange'') filed with the Securities... notes that neither of the other two primary equities listing markets in the United States--the NASDAQ...

  5. 76 FR 75573 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate...

    Science.gov (United States)

    2011-12-02

    ... COMMISSION Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate..., on November 18, 2011, the New York Stock Exchange LLC (``NYSE'' or the ``Exchange'') filed with the... subject to real-time last sale reporting in the United States. The Listing and Annual Fees for debt...

  6. The influence of macroeconomic factors to the dynamics of stock exchange in the republic of Kazakhstan

    Directory of Open Access Journals (Sweden)

    Shakizada Uteulievna Niyazbekova

    2016-12-01

    Full Text Available This article describes the influence of macroeconomic factors on Kazakhstan Stock Exchange Market by using data from 2005 to 2014. Engle-Granger cointegration test has shown that stock index is cointegrated with the exchange rate, interest rate, CPI and oil price. Vector error correction model has confirmed that macroeconomic variables and the stock index has a long-term equilibrium relationship. Moreover, empirical results have shown that stock index can be used as a leading indicator of the economic situation in Kazakhstan. Therefore, the authors decided to consider the impact of major macroeconomic indicators to the dynamics of the stock market of the Republic of Kazakhstan. The Engle-Granger cointegration test results show that the following variables such as exchange rate, 10-years long-term bond rate, the consumer price index and the Brent oil price are cointegrated with stock index, which means that there is a long-term relationship between this stock market index and these variables. With the help of econometric models, the authors have found the factors such as the exchange rate, the 10-year long-term bonds rate, the consumer price index and the Brent oil price (these factors have the long-term relationship with stock market index. Changes in the dynamics of the stock market index in Kazakhstan are caused by changes in the dynamics of Central bank's reserves and export. The analysis has shown that the economy of the Republic of Kazakhstan (the index reflects the situation in the real sector of the economy remains dependent on world oil prices, the volume of exports and the rate of the national currency

  7. Impact in Changing Price Fraction to the Stock Trading Indicators in Indonesia Stock Exchange

    Directory of Open Access Journals (Sweden)

    Natalia Natalia

    2016-11-01

    Full Text Available The purpose of this study was to determine how the impact of changes the price fraction to the stock trading indicator that is volume, value, and frequency of trading transactions. Data were analyzed using the Mann-Whitney U test. The results show that the volume of stock trading is not affected significantly by the implementation of the tick size, whereas for the value of trade and frequency of trade significantly affected.

  8. Estimating betas in thinner markets: "the case of the Athens Stock Exchange"

    OpenAIRE

    Λαμπούσης, Αθανάσιος Ι.

    2008-01-01

    This paper examines the impact of the return interval on the beta estimate known as the “interval effect” which causes securities that are thinly traded to give biased OLS beta estimates. The present study covers a 5-year period, from January 2002 through to December 2006, using three different return intervals: daily, weekly and monthly data for 60 continuously listed thinly-traded stocks on the main market of the Athens Stock Exchange. Results generally support findings fr...

  9. (20-01) "Order Imbalances and Market Efficiency: Evidence from the Taiwan Stock Exchange"

    OpenAIRE

    Lee, Yi-Tsung; Liu, Yu-Jane; Roll, Richard; Subrahmanyam, Avanidhar

    2001-01-01

    Data from the Taiwan Stock Exchange identify the originator of each submitted order. We study order imbalances categorized by trade size and by investor type, (individuals, domestic institutions, foreign institutions.) Aggregate order imbalances for a given stock are positively autocorrelated from day to day. The persistence in order imbalances is strongest for small foreign institutions and weakest for large individual investors. All investor types are contrarian; they submit excess buy orde...

  10. APPLICATION OF DIVIDEND DISCOUNT MODEL VALUATION AT MACEDONIAN STOCK-EXCHANGE

    Directory of Open Access Journals (Sweden)

    Zoran Ivanovski

    2015-06-01

    Full Text Available Dividend discount model (DDM is the simplest model for valuing equities in finance. Many analysts belived that DDM is outmoded, but much of the intuition that drives Discounted Cash Flow (DCF valuation is embedded in the DDM model. There are also specific companies stocks where the DDM model remains a useful tool for estimating value. The basic task of these research is to examine if DDM models offer relevant and safe valuation of long-term securities at Macedonian Stock Exchange (MSE through the process of empirical valuation of random chosen stocks. This research helped us to identify problems in use of DDM valuation models at MSE, to determine causes for differences between the intrinsic values and the stock market prices and to determine basic parameters for implementation of valuation on Macedonian financial market. We find that DDM models are usefull only as additional tool beside relative and DCF stocks valuation at MSE.

  11. Weak Form Efficiency of the Chittagong Stock Exchange: An Empirical Analysis (2006-2016

    Directory of Open Access Journals (Sweden)

    Shahadat Hussain

    2017-01-01

    Full Text Available We study the random walk behavior of Chittagong Stock Exchange (CSE by using daily returns of three indices for the period of 2006 to 2016 employing both non-parametric test (run test and parametric tests [autocorrelation coefficient test, Ljung– Box (LB statistics]. The skewness and kurtosis properties of daily return series are non-normal, with a hint of positively skewed and leptokurtic distribution. The results of run test; autocorrelation and Ljung–Box (LB statistics provide evidences against random walk behavior in the Chittagong Stock Exchange. Overall our result suggest that Chittagong Stock Exchange does not exhibit weak form of efficiency. Hence, there is opportunity of generating a superior return by the active investors.

  12. Real-Time Price Discovery in Global Stock, Bond and Foreign Exchange Markets

    DEFF Research Database (Denmark)

    Andersen, Torben G.; Bollerslev, Tim; Diebold, Francis X.

    Using a unique high-frequency futures dataset, we characterize the response of U.S., German and British stock, bond and foreign exchange markets to real-time U.S. macroeconomic news. We find that news produces conditional mean jumps; hence high-frequency stock, bond and exchange rate dynamics...... are linked to fundamentals. Equity markets, moreover, react differently to news depending on the stage of the business cycle, which explains the low correlation between stock and bond returns when averaged over the cycle. Hence our results qualify earlier work suggesting that bond markets react most strongly...... to macroeconomic news; in particular, when conditioning on the state of the economy, the equity and foreign exchange markets appear equally responsive. Finally, we also document important contemporaneous links across all markets and countries, even after controlling for the effects of macroeconomic news....

  13. Estimating time-varying conditional correlations between stock and foreign exchange markets

    Science.gov (United States)

    Tastan, Hüseyin

    2006-02-01

    This study explores the dynamic interaction between stock market returns and changes in nominal exchange rates. Many financial variables are known to exhibit fat tails and autoregressive variance structure. It is well-known that unconditional covariance and correlation coefficients also vary significantly over time and multivariate generalized autoregressive model (MGARCH) is able to capture the time-varying variance-covariance matrix for stock market returns and changes in exchange rates. The model is applied to daily Euro-Dollar exchange rates and two stock market indexes from the US economy: Dow-Jones Industrial Average Index and S&P500 Index. The news impact surfaces are also drawn based on the model estimates to see the effects of idiosyncratic shocks in respective markets.

  14. Optimal Portfolio Selection in Ex Ante Stock Price Bubble and Furthermore Bubble Burst Scenario from Dhaka Stock Exchange with Relevance to Sharpe’s Single Index Model

    Directory of Open Access Journals (Sweden)

    Javed Bin Kamal

    2012-09-01

    Full Text Available The paper aims at constructing an optimal portfolio by applying Sharpe’s single index model of capital asset pricing in different scenarios, one is ex ante stock price bubble scenario and stock price bubble and bubble burst is second scenario. Here we considered beginning of year 2010 as rise of stock price bubble in Dhaka Stock Exchange. Hence period from 2005 -2009 is considered as ex ante stock price bubble period. Using DSI (All share price index in Dhaka Stock Exchange as market index and considering daily indices for the March 2005 to December 2009 period, the proposed method formulates a unique cut off point (cut off rate of return and selects stocks having excess of their expected return over risk-free rate of return surpassing this cut-off point. Here, risk free rate considered to be 8.5% per annum (Treasury bill rate in 2009. Percentage of an investment in each of the selected stocks is then decided on the basis of respective weights assigned to each stock depending on respective ‘β’ value, stock movement variance representing unsystematic risk, return on stock and risk free return vis-à-vis the cut off rate of return. Interestingly, most of the stocks selected turned out to be bank stocks. Again we went for single index model applied to same stocks those made to the optimum portfolio in ex ante stock price bubble scenario considering data for the period of January 2010 to June 2012. We found that all stocks failed to make the pass Single Index Model criteria i.e. excess return over beta must be higher than the risk free rate. Here for the period of 2010 to 2012, the risk free rate considered to be 11.5 % per annum (Treasury bill rate during 2012.

  15. AUDIT OPINIONS FOR LISTED ENTITIES FOR THE FIRST CATEGORY ON THE ROMANIEN STOCK EXCHANGE

    Directory of Open Access Journals (Sweden)

    Melinda Timea Fülöp

    2013-12-01

    Full Text Available By the opinion included in the auditor report, the auditor ensures the users about the fact that the financial information presented in the financial statements is trustworthy, partially trustworthy or not trustworthy. In this study we analyzed the auditors’ opinion received by the entities listed in the first category on the Stock Exchange Bucharest.Our aim was to check if the auditor changement changes also the opinion. For this reason the period toked into consideration is more than 7 years ( 2005-2012. The future research directions aim at extending the analysis on entities from the 2nd category quoted on the stock exchange.

  16. Palm Oil Price, Exchange Rate, and Stock Market: A Wavelet Analysis on the Malaysian Market

    Directory of Open Access Journals (Sweden)

    Buerhan Saiti

    2014-05-01

    Full Text Available The study investigates causality between palm oil price, exchange rate and the Kuala Lumpur Composite Index (KLCI based on the theory of wavelets on the basis of monthly data from the period January 1990 - December 2012. This methodology enables us to identify that the causality between these economic variables at different time intervals. This wavelet decomposition also provides additional evidence to the “reverse causality” theory. We found that the wavelet cross-correlations between stock price and exchange rate skewed to the right at all levels with negative significant correlations which implies that the exchange rate leads the stock price. In the case of stock and commodity prices, there is no significant wavelet-crosscorrelation at first four levels. However, the wavelet cross-correlations skewed to the left at level 5 which implies that the stock price leads commodity price in the long-run. Finally, there is no significant wavelet cross-correlations at all levels as long as we concern between commodity price and exchange rate. It implies that there is no lead-lag relationship between commodity price and exchange rate.

  17. A TEST OF GRAHAM'S AND LYNCH'S STOCK SCREENING CRITERIA ON SHARES TRADED ON THE INDONESIAN STOCK EXCHANGE (IDX

    Directory of Open Access Journals (Sweden)

    Dwi Kartikasari

    2016-01-01

    Full Text Available Benjamin Graham and Peter Lynch listed criteria for screening stocks, which investors could use to identify undervalued stocks that would outperform the market. Numerous tests have been conducted in the United States and other countries, but not yet in Indonesia. Thus, the author aims to test the applicability of Graham’s and Lynch’s formulation on shares traded on the Indonesian Stock Exchange (IDX by screening stocks that meet the various sets of Graham's and Lynch's criteria and then measuring the performance of the portfolios over the years from 2010 to 2014. The author uses a simple linear regression to measure the performance of the portfolios against the IDX Composite (IHSG. The author discovered that investors who used the combined criteria of Lynch earned positive risk-adjusted returns, of 28.81 percent per year in 2010-2012 and 27.33 percent per year in 2012-2014. While investors who used a combination of two of Graham’s criteria obtained significant risk-adjusted returns of 47.55 percent annually in 2010-2012 and 5.92 percent annually in 2012-2014. However, investors who implemented a combination of three of Graham’s criteria did not earn positive risk-adjusted returns consistently during the research period. The increasingly complex criteria do not improve the performance of the portfolios, because when more criteria are used, less and less stocks can meet the criteria, hence the portfolios become more volatile and investors do not enjoy the benefits from diversification.

  18. Long-Run Determinants of the Real Exchange Rate; A Stock-Flow Perspective

    OpenAIRE

    Hamid Faruqee

    1994-01-01

    This paper examines the long-run determinants of the real exchange rate from a stock-flow perspective. The empirical analysis estimates a long-run relationship between the real exchange rate, net foreign assets, and other factors affecting trade flows. Using postwar data for the United States and Japan, cointegration analysis supports the finding that the structural factors underlying each country's net trade and net foreign asset positions determine the long-run path for the real value of th...

  19. Impact of Oil Price Shocks and Exchange Rate Volatility on Stock Market Behavior in Nigeria

    Directory of Open Access Journals (Sweden)

    Adedoyin I. Lawal

    2016-09-01

    Full Text Available The impact of exchange rate and oil prices fluctuation on the stock market has been a subject of hot debate among researchers. This study examined the impact of both the exchange rate volatility and oil price volatility on stock market volatility in Nigeria, so as to guide policy formulation based on the fact that the nation’s economy was foreign induced and mono-cultured with heavy dependence on oil. EGARCH estimation techniques were employed to examine if either the volatility in exchange rate, oil price volatility or both experts on stock market volatility in Nigeria. The result shows that share price volatility is induced by both the exchange rate volatility and oil price volatility. Thus, it is recommended that policymakers should pursue policies that tend to stabilize the exchange rate regime on the one hand, and guarantee the net oil exporting position for the economy, that market practitioners should formulate portfolio strategies in such a way that volatility in both exchange rates and oil price will be factored in time when investment decisions are being made.

  20. Assessing the Level of Efficiency of The Stock Exchange of Mauritius

    African Journals Online (AJOL)

    admpather

    In support for the EMH, Russel (2003) believed that very few active managers make money on stock exchange while Wilks (2003) added that active managers only beat the market because they take excessive risks. Moreover, Fama (1998) refused to abandon the EMH theory by arguing that anomalies found in the market ...

  1. 76 FR 74103 - Self-Regulatory Organizations; National Stock Exchange, Inc.; Notice of Filing and Immediate...

    Science.gov (United States)

    2011-11-30

    ... COMMISSION Self-Regulatory Organizations; National Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Exclude All Rights and Warrants From the Definition of ``Circuit.... 78s(b)(1). \\2\\ 17 CFR 240.19b-4. I. Self-Regulatory Organization's Statement of the Terms of Substance...

  2. 77 FR 44301 - Self-Regulatory Organizations; Boston Stock Exchange Clearing Corporation; Notice of Filing of...

    Science.gov (United States)

    2012-07-27

    ... of a broker or dealer, and such services relate to the director's, officer's, or employee's... COMMISSION Self-Regulatory Organizations; Boston Stock Exchange Clearing Corporation; Notice of Filing of...). \\2\\ 17 CFR 240.19b-4. I. Self-Regulatory Organization's Statement of the Terms of the Substance of...

  3. Stock Exchange Mergers - The new Driver in the Harmonisation of Securities Market Regulation?

    DEFF Research Database (Denmark)

    Clausen, Nis Jul

    2009-01-01

      The creation of a single European financial market has been pursued vigorously through a number of harmonisation initiatives by European lawmakers and by some of the cross-border alliances between European stock exchanges. The very ambitious plans for harmonisation in the OMX and the Euronext a...

  4. 76 FR 10631 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate...

    Science.gov (United States)

    2011-02-25

    ... From the Federal Register Online via the Government Publishing Office SECURITIES AND EXCHANGE COMMISSION Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Exchange Price List February 18, 2011. Pursuant to Section 19(b)(1) \\1\\ of the Securities Exchange...

  5. the mauritius stock exchange: sectoral analysis, risk and return

    African Journals Online (AJOL)

    cistvr

    Companies listed on the exchange are classified into seven main sectors of the economy which are namely, Banks & Insurance, Industry, Investments, Sugar,. Commerce, Leisure & Hotels and Transport. The rate of corporate tax paid by listed companies is 25 per cent instead of the normal rate of 35 per cent. In the case of ...

  6. Testing the Weak Form Efficiency of Karachi Stock Exchange

    Directory of Open Access Journals (Sweden)

    Muhammad Arshad Haroon

    2012-12-01

    Full Text Available In an efficient market, share prices reflect all available information. The study of efficient market hypothesis helps to take right decisions related to investments. In this research,weak form efficiency has been tested of Karachi Stock Exchange—KSE covering the period of 2nd November 1991 to 2nd November 2011. Descriptive statistics indicated the absence of weak form efficiency while results of non-parametric tests, showed consistency as well. We employed non-parametric tests were KS Goodness-of-Fit test,run test and autocorrelation test to find out serial independency of the data. Results prove that KSE is not weak-form-efficient. This happens because KSE is an emerging market and there, it has been observed that information take time to be processed. Thus it can besaid that technical analysis may be applied to gain abnormal returns.

  7. Soccer and stock market risk: empirical evidence from the Istanbul Stock Exchange.

    Science.gov (United States)

    Berument, M Hakan; Ceylan, Nildag Basak

    2013-06-01

    There is an emerging but important literature on the effects of sport events such as soccer on stock market returns. After a soccer team's win, agents discount future events more favorably and increase risk tolerance. Similarly, after a loss, risk tolerance decreases. This paper directly assesses risk tolerance after a sports event by using daily data from the three major soccer teams in Turkey (Beşiktaşç Fenerbahge and Galatasaray). Results provide evidence that risk tolerance increases after a win, but similar patterns were not found after a loss.

  8. Comparison in Measuring Effectiveness of Momentum and Contrarian Trading Strategy in Indonesian Stock Exchange

    Directory of Open Access Journals (Sweden)

    Rizky Luxianto

    2014-08-01

    Full Text Available This  paper  wants  to  explore  the  effectiveness  of  momentum  or  contrarian  strategy  in Indonesian  Stock  Exchange  using  different  methods  in  measuring  the  performance.  The point of momentum or contrarian strategy is selecting winner (stocks with highest gain or loser stocks (stocks with highest loss and then buy or sell it based on the research result. This research employed three methods in measuring performance to select winner and loser stocks.  The  irst  method  used  cross  section  relative  return,  while  the  second  method  used cross section relative return plus risk component (return divided by standard deviation, and the  third  method  employed  historical  relative  return  instead  of  cross  section.  The  result  is that,  all  of  those  three  methods  prove  that  momentum  strategy  is  effectively applicable  for winner stock, so in the next period winner stock will continue to make profit, while for loser stock, it is more effective to use contrarian strategy because in the next period, loser stock will rebound and make proit after suffering from high loss. ";} // -->activate javascript

  9. An analysis of determinants of going concern audit opinion: Evidence from Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Hadi Mashadi Gharaghayah

    2013-07-01

    Full Text Available This paper presents an empirical investigation to find out important factors influencing exchange authorities for keeping firms on Tehran Stock Exchange. The proposed study uses logistic regression technique to study the effects of five factors including liquidity, solvability, profitability, cash flow and size of auditing firm. The results of the study show that only solvability is the most important factor according to auditing officials for extending listed firms on this exchange while the effects of other factors, liquidity, capability of meeting commitments, profitability, cash flow and size of auditing firm, are not statistically significance.

  10. Enne kui Vilniuse vilju maitsta / Toomas Alatalu

    Index Scriptorium Estoniae

    Alatalu, Toomas, 1942-

    2006-01-01

    Autori sõnul on suurriikide poliitika jätkuvalt kõikuv ja kahepalgeline. Viide USA asepresidendi Dick Cheney sõnavõtule Vilniuses, mille mõju tuleks hinnata pärast EL-i ning Venemaa tippkohtumist Sotšis ja G-8 kohtumist Peterburis

  11. Market Returns and Weak-Form Efficiency: the case of the Ghana Stock Exchange

    OpenAIRE

    Frimpong, Joseph Magnus; Oteng-Abayie, Eric Fosu

    2007-01-01

    This paper examines the weak-form efficient market hypothesis (EMH) in the case of the Ghana Stock Exchange (GSE) an emerging market. Daily returns from the Databank Stock Index (DSI) over a 5-year period 1999-2004 were used for the exercise. Random walk (RW) and GARCH(1,1) models are used as the basis for our analysis. The GSE DSI returns series exhibit volatility clustering, an indication of inefficiency on the GSE. The weak-form efficient market (random walk) hypothesis was rejected for t...

  12. Asymmetric Effects of Global Liquidity Expansion on Foreign Portfolio Inflows, Exchange Rates, and Stock Prices

    Directory of Open Access Journals (Sweden)

    Dong-Eun Rhee

    2014-06-01

    Full Text Available This paper examines the effects of global liquidity expansion on advanced and emerging economies by using panel VAR methodology. The results show that global liquidity expansion tends to boost economy by increasing GDP growth and stock prices. However, we find that the effects are asymmetric. The effects of global liquidity on GDP and stock prices are greater and more persistent in emerging economies than in liquidity recipient advanced economies. Moreover, global liquidity appreciates emerging economies' exchange rates more persistently than those of advanced economies. Lastly, while global liquidity expansion increases foreign portfolio investment inflows to Asian countries and liquidity recipient advanced economies, there is no evidence for Latin American countries.

  13. Investigation of market efficiency and Financial Stability between S&P 500 and London Stock Exchange: Monthly and yearly Forecasting of Time Series Stock Returns using ARMA model

    Science.gov (United States)

    Rounaghi, Mohammad Mahdi; Nassir Zadeh, Farzaneh

    2016-08-01

    We investigated the presence and changes in, long memory features in the returns and volatility dynamics of S&P 500 and London Stock Exchange using ARMA model. Recently, multifractal analysis has been evolved as an important way to explain the complexity of financial markets which can hardly be described by linear methods of efficient market theory. In financial markets, the weak form of the efficient market hypothesis implies that price returns are serially uncorrelated sequences. In other words, prices should follow a random walk behavior. The random walk hypothesis is evaluated against alternatives accommodating either unifractality or multifractality. Several studies find that the return volatility of stocks tends to exhibit long-range dependence, heavy tails, and clustering. Because stochastic processes with self-similarity possess long-range dependence and heavy tails, it has been suggested that self-similar processes be employed to capture these characteristics in return volatility modeling. The present study applies monthly and yearly forecasting of Time Series Stock Returns in S&P 500 and London Stock Exchange using ARMA model. The statistical analysis of S&P 500 shows that the ARMA model for S&P 500 outperforms the London stock exchange and it is capable for predicting medium or long horizons using real known values. The statistical analysis in London Stock Exchange shows that the ARMA model for monthly stock returns outperforms the yearly. ​A comparison between S&P 500 and London Stock Exchange shows that both markets are efficient and have Financial Stability during periods of boom and bust.

  14. Overreaction and representativeness heuristic in initial public offering: Evidence from Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Maryam Khalili Araghi

    2014-02-01

    Full Text Available The subject of initial public offering (IPO and the unusual short-time return of compared with another stocks, allocated many studies and researches in world level and in stock market to itself. The studied researches pointed to the short-time return of IPOs, which are higher than market and its long term return in return. One of the main hypothesis of behavioral finance is overreaction that is the main factor of overreaction in investor behavior is representativeness heuristic. This paper investigates overreaction behavior on shares of IPOs in Tehran stock exchange by considering 2 strategies of buy and hold and cumulative average return. The study investigates the effects of different factors such as price, market value, prior return and trading volume on overreaction. The results show negative effects of price and transaction volume on overreaction. In another words, price and volume of transactions are lower (higher and higher return (lower and therefore increased overreaction.

  15. Impact of the Global Crisis on the Financial Linkages between the Stock Market and the Foreign Exchange Market from Romania

    Directory of Open Access Journals (Sweden)

    Razvan STEFANESCU

    2009-01-01

    Full Text Available This paper explores the financial linkages between the Romanian stock marketand the exchange market in the context of the global crisis. We investigate suchrelations for two periods of time: one from January 2006 to February 2008,when the Romanian financial markets were quite tranquil and the other fromMarch 2008 to September 2009, while the global crisis effects wereconsiderable for Romania. For the first period of time we could not provesignificant relations between the foreign exchange market and the stock market.Instead, for the second period of time we found a unidirectional causality fromthe exchange rates to the stock prices.

  16. 78 FR 21457 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate...

    Science.gov (United States)

    2013-04-10

    ... From the Federal Register Online via the Government Publishing Office SECURITIES AND EXCHANGE COMMISSION Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending NYSE Rule 1000 April 4, 2013. Pursuant to Section 19(b)(1) \\1\\ of the Securities Exchange Act of 1934 ...

  17. 75 FR 59315 - Self-Regulatory Organizations; The Chicago Stock Exchange, Inc.; Notice of Filing of a Proposed...

    Science.gov (United States)

    2010-09-27

    ... From the Federal Register Online via the Government Publishing Office SECURITIES AND EXCHANGE COMMISSION Self-Regulatory Organizations; The Chicago Stock Exchange, Inc.; Notice of Filing of a Proposed Rule Change To Enhance Quotation Requirements for Market Makers September 20, 2010. Pursuant to Section 19(b)(1) of the Securities Exchange Act of...

  18. 75 FR 2175 - Self-Regulatory Organizations; The Chicago Stock Exchange, Inc.; Notice of Filing of Proposed...

    Science.gov (United States)

    2010-01-14

    ... From the Federal Register Online via the Government Publishing Office SECURITIES AND EXCHANGE COMMISSION Self-Regulatory Organizations; The Chicago Stock Exchange, Inc.; Notice of Filing of Proposed Rule Change To Amend Its Co-Location Fees January 6, 2010. Pursuant to Section 19(b)(1) \\1\\ of the Securities Exchange Act of 1934 (the ``Act'') \\2\\...

  19. 77 FR 69528 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate...

    Science.gov (United States)

    2012-11-19

    ... From the Federal Register Online via the Government Publishing Office SECURITIES AND EXCHANGE COMMISSION Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Interim Rule Change Relating to Rule 440B(b) November 13, 2012. Pursuant to Section 19(b)(1) \\1\\ of the Securities Exchange...

  20. 75 FR 36746 - Self-Regulatory Organizations; National Stock Exchange, Inc.; Notice of Filing of Proposed Rule...

    Science.gov (United States)

    2010-06-28

    ... From the Federal Register Online via the Government Publishing Office SECURITIES AND EXCHANGE COMMISSION Self-Regulatory Organizations; National Stock Exchange, Inc.; Notice of Filing of Proposed Rule Change To Amend Rule 11.19, Entitled ``Clearly Erroneous Executions'' June 21, 2010. Pursuant to Section 19(b)(1) of the Securities Exchange Act o...

  1. 75 FR 36759 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing of Proposed Rule...

    Science.gov (United States)

    2010-06-28

    ... From the Federal Register Online via the Government Publishing Office SECURITIES AND EXCHANGE COMMISSION Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing of Proposed Rule Change Amending Rule 128 Relating to Clearly Erroneous Executions June 21, 2010. Pursuant to Section 19(b)(1)\\1\\ of the Securities Exchange Act of...

  2. 77 FR 4604 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing of Proposed Rule...

    Science.gov (United States)

    2012-01-30

    ... From the Federal Register Online via the Government Publishing Office ] SECURITIES AND EXCHANGE COMMISSION Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing of Proposed Rule Change To Establish an NYBX Immediate-or-Cancel Order January 24, 2012. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act...

  3. Earnings quality measures and excess returns: A case study of Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Hassan Hemmati

    2013-04-01

    Full Text Available This paper presents an empirical investigation to study the relationship between earning quality measure and excess returns on selected firms trading on Tehran Stock Exchange. The purpose of this study is to find the relative advantage of income figures reported in formal financial statements. The study uses hedge return, six accounting ratios and three market ratios and performs the study over the period of 2001-2011 using 56 firms whose shares were traded on Tehran Stock Exchange. The proposed study uses regression analysis as well as structural equation modeling. The results of this study indicate that market based figures are more influencing than accounting based ratios on hedge return. In other words, hedge return for persistency index was more predictable than smoothness and abnormal accruals. However, on the contrary to what we expected, hedge return for accruals was not more than other accounting based figures.

  4. Innate and discretionary accruals quality and corporate governance: A case study of Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Hossein Panahian

    2012-09-01

    Full Text Available In this paper, we present an empirical study to find the relationship between discretionary accruals quality as well as innate accruals quality and portion of non-executive board of directors, concentration of ownership ratio and board size in Tehran Stock Exchange. The survey selects 118 qualified stocks from this exchange and using a random technique chooses 42 firms. The study implements two linear regression techniques to estimate the first part of the information and then using structural equation modeling examines six hypotheses. Based on the results of this survey we can conclude that an increase on non-executive members positively influences on discretionary accruals quality and negatively influences innate accruals quality. Concentration of ownership ratio positively influences on discretionary accruals quality and negatively impacts on innate accruals quality. Finally, size of board of directors negatively impacts discretionary accruals quality and positively influences on innate accruals quality.

  5. The transmission mechanism of 2008 global financial crisis to Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Seyed Gholamreza Jalali Naini

    2014-10-01

    Full Text Available After financial crisis in 2008, the effect of crisis spread in the world. Many countries were affected quickly and others slowed in a particular mechanism. Using data of TEPIX from Tehran Stock Exchange and DJI from New York stock Exchange as the main indexes of these two markets, this paper reported strong evidence of TEPIX’s dependency on DJI after the crisis in a four-week delay. The index level series were non-stationary; therefore, we employed cointegration analysis and error correction vector autoregressions (VAR techniques to model the interdependencies. To find the best lag time we used a heuristic method and the results surprisingly were the same as the result of applying a VAR model. The results support the hypothesis that financial stress was transmitted from the U.S to Iran primarily through trade and price channels.

  6. The impact of technological improvements on developing financial markets: The case of the Johannesburg Stock Exchange

    Directory of Open Access Journals (Sweden)

    Mehmet F. Dicle

    2013-07-01

    Full Text Available Can a significant technological improvement make an economically justifiable contribution to a financial market's development? The Johannesburg Stock Exchange (JSE incorporated the SETS system from the London Stock Exchange in 2002. It is certain that SETS is a technologically efficient trading system, and it would undoubtedly improve trading in the JSE. We test whether SETS represents a structural break by examining whether there was an increase in the JSE's liquidity, market efficiency and international integration after the introduction of SETS. While SETS is certainly a technological improvement with increased liquidity, it is not a sufficient factor to render it efficient. After the incorporation of SETS, the JSE has become more independent and it now offers better diversification opportunities for international investors.

  7. 2004 on Warsaw Stock Exchange via Zipf Analysis, Scatter and Lag Plots

    Science.gov (United States)

    Bachnik, W.; Chomiuk, P.; Faltynowicz, Sz.; Gawin, M.; Gorajek, W.; Kedzierski, J.; Kosk, K.; Kucharczyk, A.; Leszczynski, P.; Podsiadlo, R.; Makowiec, D.

    2005-08-01

    This paper presents the last year on Warsaw Stock Exchange (WSE) and world stock exchanges by graphical analysis: Scatter Plot, Zipf Analysis and Lag Plot of selected Polish (WIG, WIG20, WIG-BANKI, TECHWIG) and foreign (NIKKEI, DOW JONES Industrial Average) indices, and also selected companies listed on WSE. Zipf analysis proves that although, generally, holding securities was the best way to earn money in the last year, however, Zipf based strategy also could be profitable. Scatter Plots show no similarities between Polish and foreign indices, however, behaviour of Polish ones is similar. The volatility of indices and most companies was highest on Monday and lowest on Friday. Distribution of returns in continuous trading is neither Gaussian nor uniform.

  8. CORPORATE FAILURE PREDICTION: A STUDY OF PUBLIC LISTED COMPANIES IN INDONESIA STOCK EXCHANGE (IDX)

    OpenAIRE

    Octavia Boentoro, Debby

    2015-01-01

    The main purpose of this research is to develop a model that can predict financial distress amongst public listed companies in Jakarta Stock Exchange from year 2008 until 2013. Author uses 216 companies as sample where 168 for healthy companies and 48 for distress companies. The methodology that use on this paper is using logistic regression analysis. The result proves there are four financial ratios namely: Quick Asset Turnover, Cash Flow to Assets, Total Liabilities Total Assets, and Debt R...

  9. Stock Prices and Exchange Rates in the EU and the USA: Evidence of their Mutual Interactions

    OpenAIRE

    Stavarek, Daniel

    2004-01-01

    This paper investigates the nature of the causal relationships among stock prices and effective exchange rates in four old EU member countries (Austria, France, Germany, and the UK), four new EU member countries (Czech Republic, Hungary, Poland, and Slovakia), and in the United States. Both the long- and short-term causalities between these variables are explored using monthly data. The paper also endeavors to answer the question of whether the linkages between the analyzed economic variables...

  10. EMPIRICAL STUDY OF THE PROBABILITY OF DEFAULT IN CASE OF ROMANIAN COMPANIES LISTED ON STOCK EXCHANGE

    Directory of Open Access Journals (Sweden)

    Marton Noemi, Racz Timea Erzsebet

    2011-07-01

    Full Text Available The importance of estimation of a firm's probability of default increased significantly during the economic and financial crisis for financial institutions, which can be explained by the fact that the share of nonperforming loans increased in this period. The probability of default can be estimated with structural models, which have on base the methodology developed by Merton (1974, methodology used by Moody's Corporation (known as KMV Merton model. The aim of this study is to estimate the probability of default of companies listed on Bucharest Stock Exchange using this methodology. This approach was widely used in the literature by many researchers (i.e., Kealhofer and Kurbat (2000, Crosbie and Bohn (2002, Duffie and Wang (2004, Bharath and Shumway (2004, 2008. In Romania this methodology was empirically tested by Codirlaşu (2007, who estimated using Merton's methodology the probability of default of companies listed on the Bucharest Stock Exchange, respectively by Bobircă et al. (2008, where the probabilities of default were estimated in case of 42 companies listed on the Bucharest Stock Exchange for 2000-2008 time period. In this paper we used Merton's model, which assumes that a company defaults if the value of its assets is less than the promised dept repayment at time T. The process of estimating the probability of default starts from the following firm specific variables: the market value of the firm's assets, the share prices, the value of the liabilities and the risk-free rate. The analyzed period is 2003-2010, containing the economic and financial crisis period, too. Analyzing the financial statements of the companies listed on the Bucharest Stock Exchange, we determined the input parameters of the model and calculated the quarterly probabilities of default of each analyzed company. According to our results the probabilities of default have a reduced value in the majority of the cases.

  11. Transfer of Profit to Shareholders at Warsaw Stock Exchange in the Period 2009–2013

    Directory of Open Access Journals (Sweden)

    Jabłoński Bartłomiej

    2016-12-01

    Full Text Available The Author of the article presents the results of research devoted to the forms of transfer of profit to shareholders of the companies quoted at Warsaw Stock Exchange in the period 2009–2013. The Author concluded that there are features in the group of dividend companies and another group – that of dividend companies which additionally execute share redemption and cancellation – which make them different.

  12. Effect of Policy Reforms on Market Efficiency: Evidence from Dhaka Stock Exchange

    OpenAIRE

    Md. Mahmudul Alam; Shakila Yasmin; Mahmudur Rahman; Md. Gazi Salah Uddin

    2011-01-01

    The paper tries to find evidence supporting the impact of continuous policy reforms on the market efficiency on the Dhaka Stock Exchange (DSE). Different policies formed/reformed from 1994 to 2005 were categorized in eleven groups depending on their time of issue and subject matter. To get the result, both nonparametric test (Kolmogrov-Smirnov normality test and run test) and parametric test (autocorrelation test, autoregression) have been performed. Analyses were done for each policy group, ...

  13. Profitability of simple technical trading rules of Chinese stock exchange indexes

    Science.gov (United States)

    Zhu, Hong; Jiang, Zhi-Qiang; Li, Sai-Ping; Zhou, Wei-Xing

    2015-12-01

    Although technical trading rules have been widely used by practitioners in financial markets, their profitability still remains controversial. We here investigate the profitability of moving average (MA) and trading range break (TRB) rules by using the Shanghai Stock Exchange Composite Index (SHCI) from May 21, 1992 through December 31, 2013 and Shenzhen Stock Exchange Component Index (SZCI) from April 3, 1991 through December 31, 2013. The t-test is adopted to check whether the mean returns which are conditioned on the trading signals are significantly different from unconditioned returns and whether the mean returns conditioned on the buy signals are significantly different from the mean returns conditioned on the sell signals. We find that TRB rules outperform MA rules and short-term variable moving average (VMA) rules outperform long-term VMA rules. By applying White's Reality Check test and accounting for the data snooping effects, we find that the best trading rule outperforms the buy-and-hold strategy when transaction costs are not taken into consideration. Once transaction costs are included, trading profits will be eliminated completely. Our analysis suggests that simple trading rules like MA and TRB cannot beat the standard buy-and-hold strategy for the Chinese stock exchange indexes.

  14. [Development and validation of a questionnaire about the main variables affecting the individual investor's behavior in the Stock Exchange].

    Science.gov (United States)

    Pascual-Ezama, David; San Martín Castellanos, Rafael; Gil-Gómez de Liaño, Beatriz; Scandroglio, Bárbara

    2010-11-01

    Development and validation of a questionnaire about the main variables affecting the individual investor's behavior in the Stock Exchange. There is a considerable lack of information about the methodology usually used in most of the studies about individual investor's behavior. The studies reviewed do not show the method used in the selection of the items or the psychometric properties of the questionnaires. Because of the importance of investment in the Stock Exchange nowadays, it seems relevant to obtain a reliable instrument to understand individual investor's behavior in the Stock Exchange. Therefore, the goal of the present work is to validate a questionnaire about the main variables involved in individual investors' behavior in the Stock Exchange. Based on previous studies, we elaborated a questionnaire using the Delphi methodology with a group of experts. The internal consistency (Cronbach alpha=.934) and validity evidence of the questionnaire show that it may be an effective instrument and can be applied with some assurance.

  15. Impact Of Financial Crisis On Hedging Effectiveness Of Futures Contracts: Evidence From The National Stock Exchange Of India

    National Research Council Canada - National Science Library

    Kapil Gupta; Mandeep Kaur

    2015-01-01

    The present study examines the impact of the 2008 financial crisis on the hedging effectiveness of three index futures contracts traded on the National Stock Exchange of India for near, next and far...

  16. Vilnius district heating pilot project. Final report

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    1995-03-01

    The main purposes of the District Heating Pilot Project - Vilnius have been the following: In close co-operation with the Lithuanian counterparts of the project to characterize and spot out the main problems, of the heating sector in Vilnius taking into account the actual energy crises of Lithuania due to steeply increasing energy prices as a consequence of the secession from the former Soviet Union and the transition to market economy; to identify possible short and long run solution s(options) to these problems taking into account the heat supply side as well as the heat consumption side; to present a general technical and economic description of these solutions; to depict a number of scenarios illustrating the consequences of long term development strategies based on various combinations of the options described; on the basis of the above to outline a short term investment plan; to identify possible general organisational or institutional obstacles to the implementation of the various proposed solutions presented and to recommend ways to overcome such obstacles. From the described set of purposes of the project, it is quite clear that the general scope of the project has been of a general planning kind and should be seen as the first important step in the process of realization of a strategy to improve the efficiency of the heating sector in Vilnius. (EG)

  17. Interactions between the Exchange Rates and the Differential of the Stock Returns between Romania and US during the Global Crisis

    Directory of Open Access Journals (Sweden)

    Razvan STEFANESCU

    2011-06-01

    Full Text Available The relation between the foreign exchange markets and the stock markets is still a controversial subject in the specialized literature. Recent studies revealed the changes that occur in this relation during the financial crisis. In this paper we approach the interactions between the exchange rates and the differentials of the stock returns between Romania and the US in the period of the global crisis. We find some significant differences in this relations during the main stages of the crisis.

  18. The Effects of Financial Ratio and Market Based Ratio toward the Stock Price of Manufacturing Industry Sector in Indonesia Stock Exchange

    Directory of Open Access Journals (Sweden)

    Mulyono Mulyono

    2015-11-01

    Full Text Available The research objectives to examine the magnitude of the significant influence between financial ratios and the market based ratio toward the stock price of manufacturing industry sector in Indonesia Stock Exchange (IDX. In accordance IDX data by December 2013, the number of companies, included in the stock of the manufacturing industry sector, is 139 companies. Based on the analysis, it is concluded that the variable return on assets (ROA and price to book value (PBV has positive influence on stock prices. It can be interpreted that the higher the return on assets ratio and price to book value, the more positive influence on the increase of the stock price. The variable debt to equity ratio (DER and price earnings ratio (PER has negatively influence the stock price on the stock of manufacturing industry sector. This can be interpreted the higher the value of the debt to equity ratio and price earnings ratio, the more negatively influence on the decrease stock price.

  19. Multinational telecommunications operators : impact of market factors and foreign currency exchange rate variations in their stock returns

    OpenAIRE

    Oliveira, Maria da Conceição T. F. Monteiro H.

    2012-01-01

    Mestrado em Finanças Firms are exposed to foreign exchange risk when the results of their projects depend on future exchange rates and those exchange rates can not be fully anticipated. Through the last 50 years, exchange risk management has received increasing attention in both corporate practice and literature. Firms are also exposed to other market factors, domestic and internationally, with a major impact on their stock returns. During the past decade the telecommunications sector has ...

  20. The New York Stock Exchange: A Conservative or Innovative Market? Le New York Stock Exchange : bourse conservatrice ou innovante ?

    Directory of Open Access Journals (Sweden)

    Michel Van der Yeught

    2009-10-01

    Full Text Available Cet article analyse les relations du New York Stock Exchange (NYSE et de l’innovation. Le NYSE se présente comme une bourse très innovante mais son histoire montre qu’il a une relation ambivalente avec l’innovation. Le NYSE a beaucoup investi en technologie pour s’imposer comme la première bourse de valeurs des États-Unis mais il s’est opposé à la plupart des réformes fonctionnelles de son modèle de marché, quand celles-ci menaçaient les intérêts de ses membres. La crise qu’il traverse actuellement semble avoir essentiellement pour origine son ambivalence envers l’innovation.

  1. The Impact of Pre-closing Implementation to Price Efficiency in Indonesia Stock Exchange

    Directory of Open Access Journals (Sweden)

    Gilang Praditiyo

    2014-01-01

    Full Text Available Normal 0 false false false EN-US X-NONE X-NONE /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin-top:0in; mso-para-margin-right:0in; mso-para-margin-bottom:10.0pt; mso-para-margin-left:0in; line-height:115%; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-fareast-font-family:"Times New Roman"; mso-fareast-theme-font:minor-fareast; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin;} Indonesia Stock Exchange has really concerned about improving stock market quality these days. One of the effort is pre-closing trading session implementation. It refers to Decision of the Board of Directors of The Indonesia Stock Exchange Number Kep-00399/BEI/11-2012, regarding Amendment to Rule Number II-A concerning Equity-Type Securities Trading. The rule is effective on 2nd Januar, 2013 and Indonesia Stock Exchange has implemented it since that date. The purposes of pre-closing implementation are to mitigate marking the close, which is the practice of buying security at the very end of the trading day at a significantly higher price than the current price of the security, and to improve market quality. This paper attempts to veryfy whether the impact of pre-closing implementation to price efficiency is positive or not. The result shows that the pre-closing implementation has the positive impact to price efficiency. It reduces the return volatility and market manipulation at  the closing time which also means that the pre-closing implementation has effectively improved market quality in Indonesia Stock Exchange. Keywords:Pre-closing, price manipulation, marking the close, volatility, price efficiency.

  2. Network Analysis of the Shanghai Stock Exchange Based on Partial Mutual Information

    Directory of Open Access Journals (Sweden)

    Tao You

    2015-06-01

    Full Text Available Analyzing social systems, particularly financial markets, using a complex network approach has become one of the most popular fields within econophysics. A similar trend is currently appearing within the econometrics and finance communities, as well. In this study, we present a state-of-the-artmethod for analyzing the structure and risk within stockmarkets, treating them as complex networks using model-free, nonlinear dependency measures based on information theory. This study is the first network analysis of the stockmarket in Shanghai using a nonlinear network methodology. Further, it is often assumed that markets outside the United States and Western Europe are inherently riskier. We find that the Chinese stock market is not structurally risky, contradicting this popular opinion. We use partial mutual information to create filtered networks representing the Shanghai stock exchange, comparing them to networks based on Pearson’s correlation. Consequently, we discuss the structure and characteristics of both the presented methods and the Shanghai stock exchange. This paper provides an insight into the cutting edge methodology designed for analyzing complex financial networks, as well as analyzing the structure of the market in Shanghai and, as such, is of interest to both researchers and financial analysts.

  3. Return on securities of the listed banks, using BET and BET-C indices of the Bucharest Stock Exchange

    Directory of Open Access Journals (Sweden)

    Victoria FIRESCU

    2017-11-01

    Full Text Available The present work has great importance for the economic and financial area due to the fact that targets the relevance of the financial indicators in anticipation of the stock variation. The aim is to measure the correlation, the type and intensity, between the variation of stock market profitability and the profitability of the securities traded by banks in Romania, listed on the BSE. The research is approached transversely (banks in Romania listed on the stock market as well as longitudinally (from the date of listing on the Stock Exchange of each bank until 31.12.2016. Using the econometric model Eviews we tested the correlation between the profitability of BRD, BT, BCC bank`s securities and the profitability of Bucharest Stock Exchange, by BET and BET-C. The results show that the research hypothesis isn’t validated for any of those banks.

  4. Municipal elections: Zuokas-led non-party coalition conquers Vilnius / Rokas M. Tracevskis

    Index Scriptorium Estoniae

    Tracevskis, Rokas M.

    2011-01-01

    27. veebruaril Leedus peetud kohalikel valimistel kogus enim hääli Leedu Sotsiaaldemokraatlik Partei. Praeguse Vilniuse linnapea Arturas Zuokase koalitsioon on saanud 12 kohta Vilniuse linnavolikogus

  5. The role of discretionary accruals in earnings management: Evidence from Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Mehdi Maranjory

    2013-09-01

    Full Text Available Earnings management via discretionary accruals is a manager's instrument for changing stock holders’ expectations. The purpose of this study is to investigate the role of discretionary accruals in the earnings management of Iranian firms. There are two hypotheses associated with this study on the relationship between income smoothness and discretionary accruals and the proposed study is implemented on selected firms from Tehran Stock Exchange. The result of the first hypothesis indicates the relationship between earnings smoothness and discretionary accruals variables. It means that discretionary accruals (DA leads to the converse relationship among discretionary accruals variation and current and future cash flow. The result of the second hypothesis indicates that the firms with high variation in Iran utilize more discretionary accruals compared with the firms with lower variation.

  6. The Effect of Financial Leverage, Employee Stock Ownership Program and Firm Size on Firm Performance of Companies Listed in Indonesia Stock Exchange

    Directory of Open Access Journals (Sweden)

    Nurainun Bangun

    2017-07-01

    Full Text Available The purpose of this research is to examine and to obtain affected empirical evidence of financial leverage, firm size and employee stock ownership program (ESOP to firm performance in manufacturing company in Indonesian Stock Exchange on 2013-2015. Independent variables in this research are Financial Leverage (DER, Firm Size and Employee Stock Ownership Program (ESOP. Dependent variables in this research are Return on Assets (ROA and Return On Equity (ROE. The results Showed that the simultaneous test of three independent variables Significantly afftected to the ROA and ROE. The partial tests of Financial Leverage (proxy DER and Firm Size Significantly affected to ROA and ROE. But, the results Showed that the Employee Stock Ownership Program (ESOP did not Affect to ROA and ROE.

  7. STOCK PERFORMANCE ANALYSIS OF LISTED ENTITIES AT THE BUCHAREST STOCK EXCHANGE. CASE STUDY ON THE ENERGY AND RELATED UTILITIES SECTOR COMPANIES

    Directory of Open Access Journals (Sweden)

    Ioana Anghel

    2016-12-01

    Full Text Available Financial performance, as a multi-criteria economic category, constitutes a current topic broadly investigated by authors and experts in finance, financial management, accounting, evaluation and general management. In this ever more competitive capital market, because investors are increasingly better informed, it becomes essential for a company to know and periodically evaluate its stock performance in order to compare it at economic branch level. This present research study analyses six companies that activate in the energy and related utilities sector, listed at the Bucharest Stock Exchange, between 2004 and 2015, with the aim of identifying branch similarities regarding the evolution of the key stock growth ratios and indicators used in stock performance analysis. Furthermore, the authors deemed appropriate to correlate their results with the evolution of the main rates of return of the same companies

  8. 75 FR 39065 - Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing of Proposed Rule...

    Science.gov (United States)

    2010-07-07

    ... From the Federal Register Online via the Government Publishing Office SECURITIES AND EXCHANGE COMMISSION Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing of Proposed Rule Change To Amend the List of Securities Subject to an Individual Circuit Breaker June 30, 2010. Pursuant to Section 19(b)(1) of the Securities...

  9. 75 FR 32832 - Self-Regulatory Organizations; The Chicago Stock Exchange, Inc.; Notice of Filing and Immediate...

    Science.gov (United States)

    2010-06-09

    ... From the Federal Register Online via the Government Publishing Office SECURITIES AND EXCHANGE COMMISSION Self-Regulatory Organizations; The Chicago Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Reduce the Amount of Its Trading Permit Cancellation Fee June 3, 2010. Pursuant to Section 19(b)(1) of th...

  10. 75 FR 59316 - Self-Regulatory Organizations; National Stock Exchange, Inc.; Notice of Filing of a Proposed Rule...

    Science.gov (United States)

    2010-09-27

    ... From the Federal Register Online via the Government Publishing Office SECURITIES AND EXCHANGE COMMISSION Self-Regulatory Organizations; National Stock Exchange, Inc.; Notice of Filing of a Proposed Rule Change To Amend NSX Rule 11.8 To Enhance Quotation Requirements for Market Makers September 20, 2010. Pursuant to Section 19(b)(1) of the...

  11. 75 FR 80870 - Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing and Order Granting...

    Science.gov (United States)

    2010-12-23

    ... From the Federal Register Online via the Government Publishing Office SECURITIES AND EXCHANGE COMMISSION Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing and Order Granting Accelerated Approval of a Proposed Rule Change To Eliminate the Validated Cross Trade Entry Functionality December 16, 2010. Pursuant to Section...

  12. 76 FR 51447 - Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing of Proposed Rule...

    Science.gov (United States)

    2011-08-18

    ... From the Federal Register Online via the Government Publishing Office ] SECURITIES AND EXCHANGE COMMISSION Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing of Proposed Rule Change To Amend Article 20, Rule 10, Governing Clearly Erroneous Executions August 11, 2011. Pursuant to Section 19(b)(1) of the Securities...

  13. 77 FR 42024 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate...

    Science.gov (United States)

    2012-07-17

    ... From the Federal Register Online via the Government Publishing Office SECURITIES AND EXCHANGE COMMISSION Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Changes to the Transaction Fees and Credits Within Its Price List July 11, 2012. Pursuant to Section 19(b)(1) of the...

  14. 76 FR 50529 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate...

    Science.gov (United States)

    2011-08-15

    ... From the Federal Register Online via the Government Publishing Office SECURITIES AND EXCHANGE COMMISSION Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Credits to Supplemental Liquidity Providers August 9, 2011. Pursuant to Section 19(b)(1) of the...

  15. 75 FR 36737 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate...

    Science.gov (United States)

    2010-06-28

    ... From the Federal Register Online via the Government Publishing Office SECURITIES AND EXCHANGE COMMISSION Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending Rule 1000 Regarding Order Size Eligible for Automatic Execution June 22, 2010. Pursuant to section 19(b)...

  16. Pirouettes around the Vilnius mayor's post / Rokas M. Tracevskis

    Index Scriptorium Estoniae

    Tracevskis, Rokas M.

    2010-01-01

    Isamaaliidu ja Leedu Kristlike Demokraatide Partei viis läbi esimese salajase hääletuse selgitamaks välja partei esikandidaati 2011. aastal toimuvatel kohalikel valimistel. Vilniuse praegune linnapea Vilius Navickas, kes oli lubanud Vilniuse nõukogudeaegseid monumente likvideerida, teise vooru ei pääsenud

  17. The impacts of investor sentiment on different economic sectors: Evidence from Istanbul Stock Exchange

    Directory of Open Access Journals (Sweden)

    Utku Uygur

    2014-12-01

    Full Text Available The aim of this study is to construct a model for evaluating the effects of investor sentiment on the conditional volatility by measuring the effects of noise trader demand shocks on returns and volatility where EGARCH model is used to determine whether investor sentiment has more influence on the conditional volatility of various sector indexes. After controlling for macroeconomic shocks, weekly trading volume of Istanbul Stock Exchange 100 is used as investor sentiment proxy. Significant evidence is found that a change in investor sentiment has more influence on conditional volatility of industry, banking, and food and beverages sector indexes when compared with other sectors such as retail or telecommunication.

  18. Short run underpricing of initial public offerings (IPOs in the Johannesburg Stock Exchange (JSE

    Directory of Open Access Journals (Sweden)

    Gillian van Heerden

    2012-07-01

    Full Text Available The underpricing of initial public offerings (IPOs represents one of the anomalies observed in primary markets worldwide, however, the depth and breadth of it varies from country to country, and sector to sector. This study is an empirical analysis of short run performance of IPOs in the Johannesburg Stock Exchange (JSE. Using data for 138 South African IPOs that were listed on the JSE from 2006 to 2010, we found significant short run underpricing. A sector wise analysis of three broad sectors indicated that the financial sector had the largest IPO underpricing, particularly evident in 2007. The year-wise analysis is also documented.

  19. Effect of Policy Reforms on Market Efficiency: Evidence from Dhaka Stock Exchange

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    Md. Mahmudul Alam

    2011-01-01

    Full Text Available The paper tries to find evidence supporting the impact of continuous policy reforms on the market efficiency on the Dhaka Stock Exchange (DSE. Different policies formed/reformed from 1994 to 2005 were categorized in eleven groups depending on their time of issue and subject matter. To get the result, both nonparametric test (Kolmogrov-Smirnov normality test and run test and parametric test (autocorrelation test, autoregression have been performed. Analyses were done for each policy group, and it is found that formed/reformed policies for DSE during the study period failed to improve the market efficiency even in the weak form level.

  20. The relationship between WIG-subindexes: evidence from the Warsaw Stock Exchange

    OpenAIRE

    Henryk Gurgul; Robert Syrek

    2014-01-01

    Evidence on links among the major Warsaw Stock Exchange subindexes using daily data from the period of 2011.03.01 to 2014.07.21 is provided in the paper. The empirical study for eleven WIG-sectoral subindexes with 844 observations was conducted by means of Regular Vine Copulas. The application of these copulas allowed us to identify the pairwise structure of the dependence of subindexes under study. The results confirm the leading role of the banking sector in the Polish economy. The dependen...

  1. An analytical method of estimating Value-at-Risk on the Belgrade Stock Exchange

    Directory of Open Access Journals (Sweden)

    Obadović Milica D.

    2009-01-01

    Full Text Available This paper presents market risk evaluation for a portfolio consisting of shares that are continuously traded on the Belgrade Stock Exchange, by applying the Value-at-Risk model - the analytical method. It describes the manner of analytical method application and compares the results obtained by implementing this method at different confidence levels. Method verification was carried out on the basis of the failure rate that demonstrated the confidence level for which this method was acceptable in view of the given conditions.

  2. Return prediction in small capitalization companies on the Johannesburg Stock Exchange

    Directory of Open Access Journals (Sweden)

    Shaun Cox

    2017-08-01

    Full Text Available This report analyzes return prediction in small capitalization companies on the Johannesburg Stock Exchange over the period from 1 January 2010 to 31 December 2015. Well-established fundamental company characteristics and additional small capitalization specific characteristics were regressed against the returns of 104 small capitalization companies. The results show contrary predictability than what is seen in prior studies, which focused on larger companies. The results highlight the difference in the nature of returns earned by small caps and provide insight into unique predictive characteristics that can be used by investors and analysts of small capitalization companies.

  3. The month-of-the-year effect on Bucharest Stock Exchange

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    Iulian Panait

    2013-03-01

    Full Text Available This study investigates the presence of month-of-the-year effect on Bucharest Stock Exchange using a both a linear regression and a GARCH-M model with dummy variables for both the mean and the variance equation. We have collected monthly returns for five Romanian official exchange indices and for one MSCI Barra country index during May 2007-March 2013, thereby including both the 2007-2009 financial crisis and the recovery that followed during 2009-2013. Our results show that none of the coefficients of the two models are statistically significant, which lead us to conclude that we can not confirm the presence of the January effect or of any other month-of-the-year effect on the Romanian capital market.

  4. FACTORS AFFECTING TOBIN'S Q COAL MINING COMPANY REGISTERED IN INDONESIA STOCK EXCHANGE

    Directory of Open Access Journals (Sweden)

    E. Batara Manurung

    2016-05-01

    Full Text Available The purpose of this study is to examine the effect of capital structure (debt to asset ratio and debt to equity ratio, economic value added, and coal reserves towards Tobin’s Q, as a proxy of firms’ value, of coal companies listed on the Indonesia Stock Exchange (IDX. This study also aims to examine the contribution of Tobin’s Q towards sectoral stock index price of coal production companies. From a total population of 23 companies, this study took a sample of 16 coal production companies using purposive sampling method. The data used is collected from the companies audited financial statements and annual reports in IDX’s website from 2009 to 2014. The results of multiple linear regression analysis show that there is significant impact of economic value added, coal reserves and profitability dummy towards Tobin’s Q. Furthermore, the results of linear regression analysis show that there is significant impact of Tobin’s Q towards sectoral stock index price of coal production companies. Based on the results of this study, the financial decision makers in coal production companies are advised to use economic value added, availability of coal reserves and profitability in improving firm value reflected in its share price.Keywords: capital structure, coal reserves, economic value added, Tobin’s Q

  5. Municipal and Treasury Bond Market Segments Development at Bucharest Stock Exchange

    Directory of Open Access Journals (Sweden)

    Cornelia POP

    2012-02-01

    Full Text Available The current paper reviews the developments that took place, starting with November 2001, inside the Romanian Municipal and Treasury bond market segments at the Bucharest Stock Exchange. The development of a debt market has as a main objective to encourage the central, regional and local governments to consider bond finance as an important way for regional and local project investments; it could enhance the quality and the efficiency of financed projects and encourage long term financial planning. The relatively modest profile of the Romanian public bond sector at Bucharest Stock Exchange can be explained by the late introduction of the T-bonds (7 years after the bond sector was launched. Lacking the benchmark the T-bonds could offer, it was only natural for investors to avoid the (Municipal bond sector. The development of the domestic public bond sector is expected to continue in the years to come, mainly if through bond financing the central/regional and local authorities will support investment projects that will trigger and/or generate economic development.

  6. Scoring on the stock exchange? The effect of football matches on stock market returns : an event study

    NARCIS (Netherlands)

    Scholtens, B.; Peenstra, W.

    2009-01-01

    We analyse the effect of results of football matches on the stock market performance of football teams. We analyse 1274 matches of eight teams in the national and European competition during 2000-2004. We find that the stock market response is significant and positive for victories and negative for

  7. The role of earnings management and dividend announcement in explanation of information asymmetry: Evidence from Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Mohammad Hassani

    2012-10-01

    Full Text Available This study examines the relationship between earnings management and information asymmetry based on some companies listed in Tehran Stock Exchange over the period of 2005-2010. The study only uses qualified samples by taking into account all limitations and necessary criteria. Based on the results of this survey, we can conclude that there is not a significant relationship between earning management and information asymmetry in Tehran Stock Exchange. There is also not a significant relationship between low or high earning management and information asymmetry. Estimated dividend announcement has information content and it can influence on information asymmetry. Finally, in Tehran Stock Exchange, there is information asymmetry and after dividend announcement, its value is more than before.

  8. Analysis of Symmetric and Asymmetric Nonlinear Causal Relationship between Stock Prices and Exchange Rates for Selected Emerging Market Economies

    Directory of Open Access Journals (Sweden)

    Veli YILANCI

    2015-11-01

    Full Text Available This study investigates the symmetric and the asymmetric nonlinear causal relationship between exchange rates and stock prices in BRICS and Turkey. To this end, the Mackey-Glass model allowing to test the symmetric and asymmetric nonlinear causality by identifying the types of feedbacks of the related variables has been employed. While the results of the symmetric nonlinear causality test present little evidence for the relationship, the asymmetric counterpart of the test indicates strong evidence for the causal relationship. As a result, these findings imply the existence of the noisy tradings and speculative behaviours in both exchange rate and stock markets.

  9. Analyzing Accounting Ratios as Determinants of the LQ45 Stock Prices Movements in Indonesia Stock Exchange During the Period of 2002-2006

    Directory of Open Access Journals (Sweden)

    Agus Arianto Toly

    2009-01-01

    Full Text Available The lack of studies regarding the determinants of stock price movement in the Indonesia Stock Exchange (ISX, which is an emerging stock exchange in the South East Asia region, and the pursue of generalization became the reasons of why this study. Previous research (Gupta, Chevalier, & Sayekt, 2000; Subiyantoro & Andreani, 2003, mostly focus on the external factors of the firms, instead of the internal factors. This study uses the accounting ratios as the determinants of the prices of stocks’ classified as the LQ45 in the ISX during 2002-2006. The panel-data regression model is used to test whether all of the independent variables involved in the equation could simultaneously explain the behavior of the dependent one. The developed model would be analyzed by the utilization of econometrics package, namely GRETL 1.7.4. After conducting some statistical treatments on the developed model, this study reveals that the shareholders’ ratios consisted of book value per share, dividend payout ratio, EPS, and ROA are the accounting ratios, which determine the LQ45’s stock price movement in the ISX during the period of 2002-2006.

  10. Estimating Carbon Stocks and Atmospheric Exchange of Depressional Marshes on the Central Florida Landscape

    Science.gov (United States)

    Benscoter, B.; McClellan, M. D.; Benavides, V.; Harshbarger, D.; Comas, X.

    2014-12-01

    Depressional marshes are ubiquitous throughout central and south Florida. Often distributed within a matrix of sandy pine flatwoods and hammocks, these wetlands have a seasonally variable water table, alternating between inundation and complete drydown. Though these landforms are typically small individually, they comprise a substantial component of the landscape and provide vital habitat for an array of flora and fauna. Given their fluctuating hydrology, conditions for soil and plant carbon (C) exchange mechanisms can vary greatly both spatially and temporally. In this study, we are developing a C budget for depressional marsh landforms by assessing ecosystem carbon exchange along an ecotone gradient and quantifying belowground C stocks using non-invasive geophysical methods (ground penetrating radar, GPR) at the Disney Wilderness Preserve (DWP) in Kissimmee, FL, USA. Using a series of closed chambers transecting the marsh from the center outward into the surrounding flatwoods, we are quantifying the effects of seasonal water table change on the magnitude of C exchange. Three dimensional GPR surveys were used to quantify peat layer thickness, and were constrained with direct core sampling to verify subsurface lithology and to assess peat C content. Using the relationship between landform surface area and belowground C volume, we assessed the cumulative C storage in depressional marshes across the DWP landscape. In conjunction with a nearby eddy covariance tower and seasonal hydrologic data, these response functions will help to evaluate the contribution of these small but widespread landscape features on regional C cycling.

  11. Exchange rate effect on stock returns in the East European emerging markets: A quantile regression approach

    Directory of Open Access Journals (Sweden)

    Živkov Dejan

    2014-01-01

    Full Text Available This paper investigates relationship between returns of stock prices and exchange rate changes in four East European emerging markets (Serbia, Poland, Hungary and Czech Republic using weekly data from January 2003 to June 2013. Two theories explain the connection in the economic literature - flow-oriented and portfolio-balance models, without a finite and conclusive answer on which one is predominant. Considering our relatively large sample period which also includes world crisis outbreak, the used empirical data have been compromised by structural breaks and heterogeneous unconditional distribution. To avoid parameter bias and wrong conclusions, authors used four auto-regressive distributed lag ADL(2,2 models assessed with quantile regression method, robust to non-normality problems. The results indicate that relationship between these variables is in accordance with portfolio-balance models in three out of four analyzed countries.

  12. Board composition, board size and financial performance of Johannesburg stock exchange companies

    Directory of Open Access Journals (Sweden)

    Munyradadzi Raymond Muchemwa

    2016-11-01

    Full Text Available On the basis of agency theory and resource dependence theory, as well as other corporate governance literature, it is predicted that board composition measured as the ratio of non-executive to executive board members and the number of directors on a firm’s board can be positively related to firm performance. This study seeks to test the predictions of this body of theory and to investigate the form of the empirical relationships among these effects. In so doing, this study tests theory that relates these variables in the context of a developing country, using data from South Africa’s Johannesburg Stock Exchange, over a seven-year period, 2006–2012.

  13. The Relationship Between Intellectual Capital and Firm Value: A Study in Istanbul Stock Exchange

    Directory of Open Access Journals (Sweden)

    Selim CENGİZ

    2013-06-01

    Full Text Available The main purpose of this study is to investigate the relationship between intellectual capital and firm value. The study is significant in that it makes intellectual capital, which is of vital importance in ensuring firms’ sustainability, more apparent and it provides a chance to make comparisons with other studies. The companies operating in energy sector in Borsa Istanbul (abbreviated as BIST, former Istanbul Stock Exchange during the period of 2009-2011, are taken into the scope of analysis. Within this scope, the findings obtained by using “Calculated Intangible Value Management” are compared with firms’ market value/book value practices in order to determine the relationship between intellectual capital and firm value. The findings reveal that energy companies operating in Turkey do not consider their intellectual capital assets important and tangible assets are the main factors affecting business performance.

  14. An investigation on important factors influencing on forecasted earnings adjustment: Evidence from Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Fatemeh Babakhani

    2014-01-01

    Full Text Available This paper presents an empirical investigation to detect important factors influencing earning adjustment on firms selected on Tehran Stock Exchange over the period 2006-2011. There are four independent variables associated with the proposed study of this paper including Proportion of shares owned by institutional investors, Return on assets, Profit change and Market value to book value. In addition, Investment restructuring is considered as control variable. The results of the implementation of regression analysis indicate that there was a reverse relationship between earning forecasted adjustment and two independent variables including size of firm as well as the ratio of market value to book value. However, Net profit has a direct and positive relationship with earning forecast adjustment.

  15. Block share ownership and corporate earning: Evidence from Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Somayye Adhami

    2013-01-01

    Full Text Available During the past few years, there have been growing interests among researchers to study the effect of block share ownership on corporate earning especially in developing countries. The purpose of this paper is to consider the impact of block ownership on performance of firms in terms of profitability. The proposed study develops two econometric models and applies them on selected firms from Tehran Stock Exchange over the period 2002-2010. The primary objective of this survey is to find the relationship between return of assets and Tobin's Q as dependent variables with eight independent variables including company size, sales growth, block ownership, debt and liability ratios, etc. The results of implementation of ordinary least squares on two econometric models reveal that while there is no meaningful relationship between return of asset and block ownership there is a meaningful relationship between block ownership and Tobin's Q.

  16. THE DETERMINANTS OF PROFITABILITY IN COMPANIES LISTED ON THE BUCHAREST STOCK EXCHANGE

    Directory of Open Access Journals (Sweden)

    SORANA VĂTAVU

    2014-10-01

    Full Text Available This research aims to establish the determinants of financial performance in 126 Romanian companies listed on the Bucharest Stock Exchange, over a period of ten-years (2003-2012. The analysis is based on cross sectional regressions. Return on assets is the performance proxy, while the variables expected to have a significant impact on profitability are debt, asset tangibility, size, liquidity, taxation, risk, inflation and crisis. Regression results indicate that profitable companies operate with limited borrowings. Tangibility, business risk and the level of taxation have a negative impact on return on assets. Although earnings are sustained by significant sales turnover, performance is affected by high levels of liquidity. Periods of unstable economic conditions, reflected by high inflation rates and the current financial crisis, have a strong negative impact on corporate performance.

  17. The effect of independent auditor's report on profit distribution policy: Evidence from Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Parviz Piri

    2014-07-01

    Full Text Available Profit distribution is one of the most debatable subjects in financial field. Opposite theoretical models that sometimes, do not have a strong empirical support look for the explanation of corporate dividend policy. In this paper, the relationship between profit sharing policy and auditor`s and managers’ expected profit is studied. The study gathers the necessary information of 99 firms listed on Tehran Stock Exchange over the period 2002-2011. The implementation of regression analysis shows that there was more explanatory power of auditors’ expected profit than managers’ expected profit in dividends. The results also show that there was no meaningful difference between auditors` expected profit and managers` expected profit.

  18. Concentration of ownership and corporate performance: evidence from the Zagreb Stock Exchange

    Directory of Open Access Journals (Sweden)

    Alen Džanić

    2012-03-01

    Full Text Available This study examines the relationship between ownership structure and firm performance using a sample of firms listed on the Zagreb Stock Exchange in period 2003-2009. The results obtained using a panel estimation with fixed effects show a significant negative relationship between the existence of a block holder owning more than 30% of the equity and the value of the firm’s Tobin’s Q. However, if there is a family-type second block holder, the effect disappears. Further, the study gives evidence of the negative impact of the fraction of equity owned by management on labor efficiency confirming the quiet-life hypothesis from Bertrand and Mullainathan (2003. Finally, it is shown that foreign ownership is not significantly better than domestic.

  19. Earnings quality and P/E ratio: Evidence from Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Hassan Ghodrati

    2014-08-01

    Full Text Available This paper evaluates the impacts of earnings quality criteria on the ratio of price to earnings per share (P/E on 88 accepted companies in Tehran Stock Exchange (TSE over the period 2007- 2012. The results indicate that there was a positive and significant relationship between the P/E ratio and cash dividend. There is also a positive and significant relationship between P/E ratio as dependent variable and the gross profit ratio to sales. On the other hand, there is a significant reverse relationship between P/E ratio and the profit variability. However, no significant relationship exists between P/E as dependent variable and deferrals (accruals variable.

  20. THREE-POINT VOLATILITY SMILE CLASSIFICATION: EVIDENCE FROM THE WARSOW STOCK EXCHANGE DURING VOLATILE SUMMER 2011

    Directory of Open Access Journals (Sweden)

    García-Machado, Juan J.

    2015-01-01

    Full Text Available This paper studies the behavior of the smile in the Warsaw Stock Exchange (WSE during the volatile summer of 2011.We investigate the volatility smile derived from liquid call and put options on the Polish WIG20 index which option series expired on September 2011. In this period, the polish index has dropped about 20% in two weeks time. By linear interpolation, implied volatilities for moneyness points needed were calculated, then we construct 355 smile curves for calls and puts options to study and make some kind of smile-types classification. We propose seventeen types-smiles which represent all possible cases of three points (three moneynesses graphical patterns. This classification is made basing upon relationship higher/equal/lower values of implied volatility for each of three points. Furthermore, we distinguish the convexity of pattern. We can note that smiles, smirks and ups are convex in shape, while reversed ones and downs are concave functions.

  1. Determinants of dividend policy: Evidence from listed firms in the African stock exchanges

    Directory of Open Access Journals (Sweden)

    Nnadi Matthias

    2013-01-01

    Full Text Available The study demonstrates that much of the existing theoretical literature on dividend policy can be applied to the emerging capital markets of Africa. Using available financial data of listed firms in the 29 stock exchanges in Africa, the study finds similarities in the determinants of dividend policy in African firms with those in most developed economies. In particular, agency costs are found to be the most dominant determinant of dividend policy among African firms. The finding is non-synonymous with emerging capital markets which have a high concentration of private ownership and trading volumes. Agency cost theory may be important in both emerging and developed capital markets but the nature of the agency problem may be different in each case. Other factors such as level of market capitalization, age and growth of firms, as well as profitability also play key roles in the dividend policy of listed African firms.

  2. Risk Forecasting of Karachi Stock Exchange: A Comparison of Classical and Bayesian GARCH Models

    Directory of Open Access Journals (Sweden)

    Farhat Iqbal

    2016-09-01

    Full Text Available This paper is concerned with the estimation, forecasting and evaluation of Value-at-Risk (VaR of Karachi Stock Exchange before and after the global financial crisis of 2008 using Bayesian method. The generalized autoregressive conditional heteroscedastic (GARCH models under the assumption of normal and heavy-tailed errors are used to forecast one-day-ahead risk estimates. Various measures and backtesting methods are employed to evaluate VaR forecasts. The observed number of VaR violations using Bayesian method is found close to the expected number of violations. The losses are also found smaller than the competing Maximum Likelihood method. The results showed that the Bayesian method produce accurate and reliable VaR forecasts and can be preferred over other methods. 

  3. A study on relationship between abnormal accruals and future profitability: Evidence from Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Mohammad Khodaei Valahzaghard

    2013-11-01

    Full Text Available This paper presents an empirical investigation to study the relationship between future profitability and abnormal accruals on selected firms from Tehran Stock Exchange (TSE. The study selects 223 firms from TSE market over the period 2007-2011. Using the regression analysis, the study shows there was no meaningful relationship between abnormal earnings and future profitability when the level of significance is five percent. There are also seven sub-hypotheses associated with the proposed study of this paper. The results indicate that while there were no meaningful relationship between firm size, ratio of book value to equity, capital expenditure, earnings quality, earning forecasted error and book value leverage on one side and future earnings, the study confirms a significance relationship between market leverage and future earnings.

  4. Strategies of Dividend policy of the companies listed on the Warsaw Stock Exchange

    Directory of Open Access Journals (Sweden)

    Jabłoński Bartłomiej

    2015-06-01

    Full Text Available Research into the determinants of companies’ decisions about paying out dividends, which has been described in the Polish specialist literature, concentrates mainly on the dividends actually paid out. The research presented in the article refers to declarations of the companies included in their dividend policies. The aim of the article is to present an attitude to dividend policy exhibited by the companies listed on the Warsaw stock exchange. A particular attempt was made at identifying various formulas of constructing dividend policies by the companies and the declared conditions for dividend payments and their amounts. 118 dividend companies took part in the research and they were selected from among the companies listed on the Warsaw stock exchange in the years 2006-2012. The authors have analysed the dividend policy of the companies in terms of its components and the way it was formulated, as well as the determinants of decisions about dividend payments declared by the companies. The results of the analysis were referred to the types of strategies of the dividend policy presented in the specialist literature. The research results indicate that the boards of many companies do not consider formulating and publicising the principles of making dividend payments to be a relevant area of investor relations. The dividend policy of the companies is usually formulated too generally, with the use of general statements. Satisfying capital needs for the planned development processes appears to be a basic determinant of the distribution of profit, which is why residual dividend policy is prevalent in the analysed companies.

  5. Kuni 13. VI on Vilniuse Kaasaja Kunsti Keskuses...

    Index Scriptorium Estoniae

    2004-01-01

    Vilniuse XII maalitriennaal "Maalikunsti seitse reeglit". Kuraator Ignaz Kazakevicius valis näitusele eesti maalikunstnikest Alice Kase, Tiina Tammetalu, Mari Roosvalti, Valeri Vinogradovi ja Mall Parise tööd

  6. Vilnius mayor dragged into corruption scandal / Steven Paulikas

    Index Scriptorium Estoniae

    Paulikas, Steven

    2004-01-01

    Vilniuse linnapea Arturas Zuokase suhtes on algatatud kriminaalmenetlus, süüdistuseks koos korporatsiooni Rubicon juhi Andrius Janukonisega altkäemaksu pakkumine linnavolikogu liikmele Vilmantas Dremale linnapea valimiste eel

  7. Reval Hotel Lietuva Vilniuses : Konstitucijos pr. 20 / Piret Lindpere

    Index Scriptorium Estoniae

    Lindpere, Piret, 1963-

    2004-01-01

    Vilniuse hotelli "Lietuva" renoveerimine. Arhitektuurse projekti koostaja Rootsi arhitektuuribüroo AB SWECO (arhitektid Aare Saks, Nils Palm. Sisekujundus: Vaikla Disain AS (Katrin ja Argo Vaikla, Liis Lindvere, Peeter Loo). Kommenteerivad Argo ja Katrin Vaikla. 3 ill

  8. An investigation on the relationship between arbitrage and macro-economic indicators: A case study of Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Samira Fazli

    2014-04-01

    Full Text Available This paper presents an empirical investigation to study the effects of macro-economic factors on the performance of stocks listed on Tehran Stock Exchange (TSE. The proposed study considers the effects of money supply, inflation rate, oil price, unforeseen changes in the course structure of interest rates as well as unanticipated changes in industrial production on stock price. Using seasonal information of stock price over the period 1997-2007 as well as regression analysis, the study has determined that risk premium of unforeseen changes in the course structure of interest rates, money supply, inflation rate and unanticipated changes in industrial production are meaningful when the level of significance is five percent. In other words, Arbitrage pricing theory model describing the expected return per share is reasonable and macro-level variables explain systematic risk on TSE.

  9. Empirical Analysis of the Financial Behavior of Investors with Brand Approach (Case Study: Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Asgarnezhad Nouri Bagher

    2017-03-01

    Full Text Available Behavioral science in the field of finance and investment is among new topics raised in recent years. The relationship between financial sciences and other fields of social sciences such as financial psychology has caused researchers to do many researches regarding the behavior of investors in the financial markets and their reactions to different situations. Based on the theories of financial behavior, shareholders' decision to buy and sell stocks is under the influence of internal and external psychological factors. Through designing and experimental testing of the model of investors' financial behavior in the Tehran Stock Exchange with an emphasis on brand, this study was an attempt to investigate the influence of these factors. To this end, financial, psychological and social factors were considered as the most important external factors influencing the behavior of investors and, considering the mediating role of brand awareness, their impact on perceived risk and perceived return as well as investment intention was tested. The research population consisted of all individual investors in the Tehran Stock Exchange. In order to determine the sample size, considering unlimited population, Cochran formula was used and hence the sample size was determined to be 145. For data collection, standard questionnaire was used. Confirmatory factor analysis was used to test the reliability of the questionnaire and the research hypotheses were tested using path analysis. The results showed that psychological factors have a positive impact on perceived risk and returns. Financial factors had a positive impact on perceived risk but no impact on perceived return. The impact of social factors on perceived risk and perceived return was not confirmed. Moreover, the results showed that brand awareness has a moderating role in the relationship between social factors and perceived risk and return. However, its moderating role was not confirmed in the relationship

  10. The Role of Implied Volatility in Forecasting Future Realized Volatility and Jumps in Foreign Exchange, Stock and Bond Markets

    DEFF Research Database (Denmark)

    Christensen, Bent Jesper

    We study the forecasting of future realized volatility in the stock, bond, and foreign exchange markets, as well as the continuous sample path and jump components of this, from variables in the information set, including implied volatility backed out from option prices. Recent nonparametric...

  11. How fast do Tokyo and New York stock exchanges respond to each other? An analysis with high-frequency data

    NARCIS (Netherlands)

    Tsutsui, Y.; Hirayama, K.

    2010-01-01

    This paper uses one-min returns on the TOPIX and S&P500 to examine the efficiency of the Tokyo and New York Stock Exchanges. Our major finding is that Tokyo completes reactions to New York within six min, but New York reacts within fourteen min. Dividing the sample period into three subperiods, we

  12. Extreme returns and the contagion effect between the foreign exchange and the stock market: Evidence from Cyprus

    NARCIS (Netherlands)

    Bekiros, S.D.; Georgoutsos, D.A.

    2008-01-01

    In this article we apply the Extreme Value Theory (EVT) in order to estimate the Value-at-Risk (VaR) and the correlation of extreme returns for two inherently unstable markets; the foreign exchange and the stock market. We also derive the corresponding VaR estimates from more 'traditional' methods

  13. 78 FR 59992 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate...

    Science.gov (United States)

    2013-09-30

    ... Stock Market (``Nasdaq'') and modify in one respect the circumstances under which a reverse merger..., exchange offer, or otherwise. However, a Reverse Merger does not include the acquisition of an operating... acquisition or transaction. \\5\\ A Reverse Merger Company must also meet all other applicable listing...

  14. 76 FR 49513 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing of Proposed Rule...

    Science.gov (United States)

    2011-08-10

    ... Reverse Merger would not include the acquisition of an operating company by a listed company that... COMMISSION Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing of Proposed Rule... Listing Requirements for Companies Applying To List After Consummation of a ``Reverse Merger'' With a...

  15. THE MOMENTUM EFFECT EXEMPLIFIES THE INFLUENCE OF INVESTORS’ IRRATIONAL BEHAVIOUR ON CHANGING PRICES OF SHARES AND STOCKS: AN ANALYSIS OF THE MOMENTUM EFFECT ON THE WARSAW STOCK EXCHANGE

    Directory of Open Access Journals (Sweden)

    Paweł Merło

    2015-08-01

    Full Text Available An efficient market should not show any anomalies. When new information reaches a market which is efficient, it should automatically translate into prices of assets, which ought to eliminate the possibility of gaining an advantage over other investors, thus preventing excess profits. However, studies on capital markets indicate that in reality it is possible to earn unusually high profits by taking advantage of certain anomalies which occur on a given market. Among such anomalies there is the momentum effect. This study performed on the Stock Exchange in Warsaw has shown that the momentum effect occurred throughout the entire analyzed time period. Positive returns demonstrated for investment strategies based on the momentum effect were unexplainable by the classical theory of finances. A correlation was found between the economic situation on the stock exchange and portfolio return rates, but it was too weak to attribute the effect to a single decisive factor. In addition, the returns from investments based on the momentum effect were statistically higher in January than in the other months, which was caused by the January effect, stimulating the occurrence of statistically higher returns at the beginning of a year rather than later on during the analyzed period of time. Research in this field carried out in other countries justifies the claim that there are many irrational factors which together create the momentum effect on the stock exchange. Thus, it is possible to conclude that irrational decisions may have strong impact on the pricing of stocks on the capital market. The momentum effect persisted throughout the entire analyzed period, although its power changed cyclically, which coincides with results of research carried out in other countries. The fact that the momentum effect did not disappear may suggest that the factors involved in its creation are an indispensable part of the market, and this seems to undermine the commonly accepted

  16. COMPLEX EVALUATION OF ELECTRIC RAIL TRANSPORT IMPLEMENTATION IN VILNIUS CITY

    Directory of Open Access Journals (Sweden)

    Gintautas BUREIKA

    2016-03-01

    Full Text Available The article analyses the current problems of Vilnius city public transportation. The possible solutions (options and the technical means to improve the attractiveness of public transportation and accessibility are considered. Two main alternatives of means of electric transport (underground and tram have been singled out for Vilnius city. The suitability of these rail transport means have been substantiated. The nature and density of the work and residence places (areas of Vilnius city residents have been analysed. The scheme of tram and underground lines projected in Vilnius city are evaluated, which have been composed according to the current and forecasted flows of passengers, the nature of their changes and critical points. The technical economic indicators of the tram routes and underground lines in Vilnius city are analysed: average driving speed, average distance between the stations, the duration of the trip, the capacity of a single means of transport, the costs of line support and the size of investment. The accident rate of urban rail transportation is estimated. Comparative criteria of tram and underground lines are selected. The effectiveness of both rail means of transport in Vilnius city are compared according to three multi-criteria evaluation methods: the sum of ratings, simple additive weighting and geometrical means. The final conclusions and recommendations are provided.

  17. The effect of acquisitions on firm performance: Evidence Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Farhad Hanifi

    2015-11-01

    Full Text Available Nowadays, mergers and acquisitions are stated as favorable strategies and as free flows of capital applied by managers for the optimal implementation of resources and assets. Acquisition is associated with a condition where two businesses are placed under one shelter and are run like members of a group or are merged as a single corporate. In mergers, two businesses are combined in a new form based on the mutual interests of both parties. The shares of the two businesses are usually exchanged so that they could take part in the new business as shareholders. In acquisition, a business begins to control another business effectively by purchasing parts of its ownership. The present study explored the impact of acquisition on performance of Iranian target companies listed in Tehran Stock Exchange. The results of testing research hypotheses showed that performance of target companies did not significantly increase after acquisition, suggesting a decreasing trend in the performance of the target companies after acquisition compared with the period before acquisition.

  18. CHARACTERISTICS OF THE EMERGING MARKET ECONOMIES - BRICS, FROM THE PERSPECTIVE OF STOCK EXCHANGE MARKETS

    Directory of Open Access Journals (Sweden)

    Sechel Ioana-Cristina

    2014-07-01

    Full Text Available Many international investors have realized that they cannot obtain profits as large, investing in mature markets as well as investing in emerging and developing countries. They want to obtain higher yields, of course assuming the extra risk, as the risk of liquidity or volatility of exchange rates, which are significantly higher than in developed markets. Studies on the BRICS economies are countless, researchers pointing that the development of these economies and their transition towards developed economies category is virtually inevitable (Nistor, 2011. In this article we propose a smooth approach on the state of the economies of the BRICS emerging countries and the stock exchanges markets. It is interesting to observe how, according to a forecast of the International Monetary Fund, in the year 2025 world supremacy from the economic point of view will belong still to the United States, but the discrepancies between the United States economy and China's economy subside until then. The same source, however, predict that by the year 2050, China's economy will bring forward the United States of America. However, should not be lost of sight the fact that China is part of the BRICS countries, with enormous development potential. As proof of those exposed earlier, sits the performance obtained from China's economy especially in times of crisis, when the vast majority of the world's economies recorded negative economic growth. Somewhat improperly said so, we were witnessing a world economic depression. The performance of China's economy is so, noteworthy, it received even in the toughest years of global financial and economic crisis, a positive value of economic growth. This also happened, within other BRICS emerging countries economies, having many similar economic meanings. With such a potential for economic growth, the economies of BRICS countries have brought into the spot light the operational stock exchanges. The interest of investors for

  19. Evaluating Kuala Lumpur stock exchange oriented bank performance with stochastic frontiers

    Science.gov (United States)

    Baten, M. A.; Maznah, M. K.; Razamin, R.; Jastini, M. J.

    2014-12-01

    Banks play an essential role in the economic development and banks need to be efficient; otherwise, they may create blockage in the process of development in any country. The efficiency of banks in Malaysia is important and should receive greater attention. This study formulated an appropriate stochastic frontier model to investigate the efficiency of banks which are traded on Kuala Lumpur Stock Exchange (KLSE) market during the period 2005-2009. All data were analyzed to obtain the maximum likelihood method to estimate the parameters of stochastic production. Unlike the earlier studies which use balance sheet and income statements data, this study used market data as the input and output variables. It was observed that banks listed in KLSE exhibited a commendable overall efficiency level of 96.2% during 2005-2009 hence suggesting minimal input waste of 3.8%. Among the banks, the COMS (Cimb Group Holdings) bank is found to be highly efficient with a score of 0.9715 and BIMB (Bimb Holdings) bank is noted to have the lowest efficiency with a score of 0.9582. The results also show that Cobb-Douglas stochastic frontier model with truncated normal distributional assumption is preferable than Translog stochastic frontier model.

  20. Evaluating Kuala Lumpur stock exchange oriented bank performance with stochastic frontiers

    Energy Technology Data Exchange (ETDEWEB)

    Baten, M. A.; Maznah, M. K.; Razamin, R.; Jastini, M. J. [School of Quantitative Sciences, Universiti Utara Malaysia 06010, Sintok, Kedah (Malaysia)

    2014-12-04

    Banks play an essential role in the economic development and banks need to be efficient; otherwise, they may create blockage in the process of development in any country. The efficiency of banks in Malaysia is important and should receive greater attention. This study formulated an appropriate stochastic frontier model to investigate the efficiency of banks which are traded on Kuala Lumpur Stock Exchange (KLSE) market during the period 2005–2009. All data were analyzed to obtain the maximum likelihood method to estimate the parameters of stochastic production. Unlike the earlier studies which use balance sheet and income statements data, this study used market data as the input and output variables. It was observed that banks listed in KLSE exhibited a commendable overall efficiency level of 96.2% during 2005–2009 hence suggesting minimal input waste of 3.8%. Among the banks, the COMS (Cimb Group Holdings) bank is found to be highly efficient with a score of 0.9715 and BIMB (Bimb Holdings) bank is noted to have the lowest efficiency with a score of 0.9582. The results also show that Cobb-Douglas stochastic frontier model with truncated normal distributional assumption is preferable than Translog stochastic frontier model.

  1. The marketing and economic implications of the manipulation of share prices: Nigeria stock exchange experience

    Directory of Open Access Journals (Sweden)

    Ajayi Ezekiel Oluwole

    2012-12-01

    Full Text Available This paper examined the marketing and economic effects of the manipulation of share prices in the Nigerian Stock Exchange. The survey research design was adopted. Data collected was analyzed using the regression analysis. Student t- test was used to test the two hypotheses formulated at 0.05 level of significance. The findings of the study revealed that capital market infractions such as fraudulent disposal of investor assets, illegal fund management and the wonder bank syndrome, others are insider dealings, corporate accounting fraud and share price manipulations affects the capital market and the economy .The study concluded that share prices manipulation actually influences the marketing and economic values of the shares being manipulated. It was recommended that the Nigerian government must put in place strong regulatory measures and punish the entire offender that has been found guilty. It was also recommended that for the market to rebound, stockbrokers that accessed margin facility from banks should be provided with certain percentage of their contributions to the loan as cushion to help them move on with their business.

  2. The impact of intellectual capital on firm performance: Evidence from Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Mehran Matinfard

    2015-11-01

    Full Text Available The aim of the present research is to study the relationship between intellect capital components and performance evaluation indicators. For measuring intellectual capital, the study uses Pulic’s method [Pulic, A. (2000. VAIC™–an accounting tool for IC management. International Journal of Technology Management, 20(5-8, 702-714.], which consists of three components of physical capital efficiency, human capital efficiency and structural capital efficiency. In the present study first, the value of the intellectual capital of the companies listed on Tehran Stock Exchange over the period 2006-2012 is calculated. Next, the relationship between the components of intellectual capital and financial return of the companies are evaluated. For calculating the financial performance 8 performance indicators in 5 groups presenting market value, profitability, activity, capital return, orientation on value creation are used. In the present research the statistical method used for data analysis is multiple regression and correlation coefficients. The selected sample of research includes 73 companies in continuous way for a time period of 7 years and the size of the company has been considered as a control variable. The findings indicate a positive and significant relationship between intellectual capital and financial performance of companies and a positive effect of the size of company on availability rate of intellectual capital and financial performance of a company.

  3. An Examination of the Audit Report Lag of Companies Quoted in the Nigeria Stock Exchange

    Directory of Open Access Journals (Sweden)

    John Chika Onwuchekwa

    2013-10-01

    Full Text Available As important information conciliator, audit report is all the time a focus of audit firms, companies, regulators and investors and its report lag directly determines the usefulness of decision making. We examined the audit report lag of companies quoted in the Nigeria stock exchange for the period 2008 to 2011. The investigation was conducted on a pooled sample of 60 firms across industries (Construction, Breweries, Oil & Gas, Health care, Packaging, Insurance, Publishing, Food Products, Automobiles, Hotel & tourism, Real Estate, Mortgage, ICT, Agro-Allied, Building Materials, Conglomerates, Courier and Banking. The results show that age of a company and total asset has a significant impact on audit report lag in Nigeria. However, the result indicates that Firm size and firm switch has no significant relationship on audit report lag in Nigerian companies. We recommended that further research area on audit report lag should increase the sample size and also the number of years under investigation. Also, Policy makers should look into the audit report lag of quoted companies in Nigeria and formulate policies to enforce compliance. This will assist in boosting investors’ confidence and also guide them in taken timely quality decisions either to invest or de-invest.

  4. An empirical study on market timing theory: A case study of Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Hadi Nasiri

    2012-09-01

    Full Text Available One of the most important issues in financing corporate is to find appropriate method to make a wise selection between getting loans and increasing the number of shares. There are different theories for making appropriate financing methods. The primary purpose of this paper is to investigate this issue based on market timing theory. The proposed model of this paper chooses selective companies from Tehran Stock Exchange. The proposed model of this paper uses regression analysis on two different models. The primary purpose of the first model given in this paper is to study the effect of market timing theory. In this part of survey, we measure the effect of the ratio of market value to book value on the sources of financing firms though increase in equities. Based on the results, we can conclude that as the ratio of market value to book value increases, firms tend to increase their equity though an increase to the number of shares. The first hypothesis of this paper is confirmed. The second model is associated with the relationship with mean ratio of market value on weighted book value and Leverage and the results of this paper do not confirm such relationship.

  5. Determinants Analysis of Turnaround: Empirical Study on Manufacturing Company Registered in Indonesia Stock Exchange

    Directory of Open Access Journals (Sweden)

    Suratno Suratno

    2017-03-01

    Full Text Available This study examines the corporate turnaround which occurred in the company experiencing financial distress listing on the stock exchanges of Indonesia from 2010 to 2015. The purpose of this study is to prove the influence of company size, free assets, expenses retrenchment to corporarte turnaround. Company size, free assets, and expenses retrenchment moderated by CEO turnover. While Company Size, free assets and expenses retrenchment moderated by independent audit committee. The sample used in this study is 21 companies after going through the sampling process purposive sampling. The research method in this research is using logistic regression and moderated regreression analisys (MRA. The result shows the size of the company and free assets significant positive effect on the turnaround. Expenses retrenchment does not affect the turnaround process. CEO Turnover does not have a significant influence on the process of turnaround. Independent Audit Committee only affect or reinforce the results for the size of the company and free asset in conducting corporate turnaround, while at the expense retrenchment does not have a significant influence.DOI: 10.15408/etk.v16i1.4796

  6. Day of the week effect on the Zimbabwe Stock Exchange: A non-linear GARCH analysis

    Directory of Open Access Journals (Sweden)

    Batsirai Winmore Mazviona

    2015-11-01

    Full Text Available This study analysed the day of the week effect on the Zimbabwe Stock Exchange (ZSE by taking into account volatility of returns. The purpose of the study was to establish whether daily mean returns across a trading week differ from each other. We employ a non-linear approach in modelling the day of the week effects. In particular, we used the Generalised Autoregressive Conditional Heteroscedasticity (GARCH and the Exponential GARCH (EGARCH models. We used industrial and mining daily closing indices data from 19 February 2009 to 31 December 2013. The data was retrieved from the ZSE website. EViews 7 software was utilised for data analysis. In order to test the null hypothesis of equality of daily mean returns, a Wald test was carried out. The Wald F-statistic rejected the null hypothesis of equality of mean returns for the industrial index. We found the traditional negative Monday and positive Friday effect for the industrial index in GARCH (1,1 and EGARCH (1,1 models. The GARCH (1,1 detected a negative Friday effect and the EGARCH (1,1 detected negative Wednesday effect for the mining index. We found evidence of model dependency for the mining index results.

  7. Financial Reporting on the Internet and the Practice of Croatian Joint Stock Companies Quotes on the Stock Exchanges

    Directory of Open Access Journals (Sweden)

    Ivica Pervan

    2005-06-01

    Full Text Available In the last ten years, the Internet and applications of it have been increasingly widely employed in modern business operations. In developed countries, the Internet is used with increasing frequency for financial reporting. And accordingly a large amount of academic research has been done into the area. Since no such research has yet been carried out in Croatia, it is a research area that is undoubtedly of interest. This investigation was carried out on a basic sample of 38 joint stock companies quoted on Croatian bourses, the shares of all of them being actively traded. The results showed that twenty of the companies made use of Internet financial reporting and eighteen had no such practice. Companies that use Internet financial reporting on the whole publish the annual reports together with the reports of their auditors. In addition, most of the companies use the PDF format for the reports that they publish. Empirical data show that the firms that use Internet financial reporting are on the whole larger and more profitable, and that their shares are more active on the bourses than the shares of companies that have no such reporting practice. Also established was a statistically significant propensity among financial institutions to use Internet reporting. Joint stock companies in the tourist sector were shown not to have a propensity for Internet financial reporting. Bearing in mind the expected growth of GDP, the growth of the capital market, with the constant growth in the number of Internet users, investment in financial reporting on the Internet could be a useful decision for joint stock companies that wish to enhance the transparency of their operations.

  8. Turn-off-the-Month Effect on Stocks in LQ45 Index and Various Sectors in the Indonesia Stock Exchange using GARCH (p,q

    Directory of Open Access Journals (Sweden)

    Galih Pandekar

    2012-01-01

    Full Text Available There are few types of anomalies that occur in the Indonesia Stock Exchange, for example monthly effect, day-of-the-week effect, January effect, holiday effect, and turn-of-the-month effect. The existence of these anomalies is in contrast to the efficient market hypothesis theory, due to a signifi-cant difference in returns during certain periods. By using time-series analysis and the GARCH(p,q method, the existence of the turn-of-the-month effect has been found in the Jakarta Composite Index, sectoral indexes, and stocks in LQ45. The turn-of-the-month effect seems to be seen in the last two days and the four previous days of each month. The January effect does not incite the turn-of-the-month effect. The turn-of-the-month effect appears due to an increasing volume of stocks acquired by investment managers who want to see their portfolio performance better. ";} // -->activate javascript

  9. The transparency of wholesale electricity trading on the stock exchange, investigated for the example of the European Energy Exchange; Die Transparenz im boerslichen Stromgrosshandel am Beispiel der European Energy Exchange

    Energy Technology Data Exchange (ETDEWEB)

    Wrede, Viola v.

    2012-07-01

    The purpose of the present study was to make a well-founded contribution to the debate on the transparency of wholesale electricity trading on the stock exchange in Germany, while providing decision makers with a scientific basis for their actions. It was the author's intent that among whatever insights were gained on the need for transparency rules for wholesale electricity trading on the German stock exchange the study should be restricted to those that would foreseeably also apply to electricity exchanges yet to come in Germany. The EEX was used as a case example for the one reason that it was the only one in existence in Germany at the time of writing. In line with this, the study also includes suggestions for the German spot market, despite its relocation to Paris following a merger with the French trading platform operator Powernext. The study sets out with a description of the stock exchange and electricity exchange trading in general n order to familiarise the reader with the subject. This is followed by a chapter on the concept of transparency, including a discussion of the function of transparency and its role in economic theories. The study goes on to describe other commodities exchanges and elaborates a comparison with Scandinavian electricity exchanges. The last chapter identifies and discusses needs for change.

  10. Firm and Auditor Characteristics, and Audit Report Lag in Manufacturing Companies Listed on Indonesia Stock Exchange during 2008-2012

    Directory of Open Access Journals (Sweden)

    Mukhtaruddin

    2015-03-01

    Full Text Available One of the qualitative characteristics of financial reporting is relevant. Its manifestation can be seen from the timeliness of reporting. Timeliness could be judged from the audit report lag, which is the length of time from the end of company’s fiscal year to the date of auditor's report. This research aims to empirically examine the influence of firm size, operation complexity, auditor quality, and auditor's opinion on audit report lag of manufacturing companies listed in Indonesia Stock Exchange. The population of this research consists of manufacturing companies, listed on Indonesia Stock Exchange from 2008 to 2012 as many as 111 companies with the research’s sample of 65 companies or 325 observational data, which were selected by purposive sampling method. The data are secondary data obtained from Indonesia Stock Exchange. The research proves that simultaneously, all variables significantly influence the audit report lag. Subsequently in partial, variables ‘firm size’, ‘auditor's opinion’ have a significant and positive effect on audit report lag, the ‘auditor quality’ has a significant and negative effect on audit report lag, while the variable ‘operation complexity’ has no significant effect on audit report lag. The coefficient of determination ?(R?^2 in this study was 0.192 or 19.2 % and the remaining 80.8 % is influenced by other factors that were not examined.

  11. Index Prediction in Tehran Stock Exchange Using Hybrid Model of Artificial Neural Networks and Genetic Algorithms

    OpenAIRE

    Farzad Karimi; Mohsen Dastgir; Monireh Shariati

    2014-01-01

    Nowadays, investment in the bource organizes the important part of country economy. So the prediction of stocks index is very important for stockholders to earn the highest return from their investment. The changes of stock market influence by several factors such as political, economical and social factors and maybe, using the classic methods for stock market prediction result in exact results. Since, the intelligent method have this capability that consider the complex effects of above fact...

  12. ANALYSIS OF EFFECT OF PROFITABILITY, ASSETS STRUCTURE, SIZE OF COMPANIES, AND LIQUIDITY TO CAPITAL STRUCTURES IN MINING COMPANIES LISTED IN INDONESIA STOCK EXCHANGE PERIOD 2012 - 2015

    National Research Council Canada - National Science Library

    Gatot Nazir Ahmad; Ripa Lestari; Sholatia Dalimunthe

    2017-01-01

    The purpose of this study is to analyze the effect of profitability, structure assets, firm size and liquidity to the capital structure of mining companies listed on the Indonesia Stock Exchange for the period 2012-2015...

  13. 78 FR 16325 - Self-Regulatory Organizations; National Stock Exchange, Inc.; Notice of Filing and Immediate...

    Science.gov (United States)

    2013-03-14

    ... ``pegged'' orders would be handled under proposed Exchange Rule 11.24; (3) amend Exchange Rule 11.15 to... how undisplayed ``pegged'' orders would be handled under proposed Exchange Rule 11.24; (3) amend... pursuant to Rule 11.15. Pegged Orders Under Exchange Rule 11.11(c)(2)(A) Under Exchange Rule 11.11(c)(2)(A...

  14. Challenges of Executive Information Systems in listed Johannesburg Stock Exchange companies

    Directory of Open Access Journals (Sweden)

    Elmarie Papageorgiou

    2011-03-01

    Full Text Available Background: The widespread use of Executive Information Systems (EISs as a management information tool was noted in listed Johannesburg Stock Exchange (JSE companies. The digital business environment exposed executives to so much data that data need to be converted into useful information that is organised and summarised.Objectives: The purpose of this study is to establish and to determine the existence, and to what extent EISs exist in all levels of management and to identify the challenges companies experienced in listed JSE companies. Therefore the problem exists that EIS-users at all levels of management are unaware of the challenges of EISs and that EISs can be used as a tool to analyse their businesses’ performance and competitiveness.Method: A mixed method was used; both quantitative and qualitative in nature. Questionnaires were sent to 334 listed JSE companies and 13 interviews were conducted with users of EISs in all levels of management.Results: The results of the study demonstrate that the majority of respondents of the questionnaire have an EIS or plan to implement an EIS. The results further revealed the respondents’ positive attitude towards EISs as it is an excellent management information tool that adds strategic value to their business, that is critical for real-time decision-making, solves problems and creates a competitive edge. From the results it is evident that there is a need for an EIS to be ‘everybody’s information system’. The results of the interviews demonstrate that an EIS is a seamless reliable system necessary for proper timeous decision-making. The respondents to the questionnaire and the interviewees indicated that they understood the value of EISs as a useful part of their company.Conclusion: The study adds value to the awareness and understanding of EISs that creates a business environment in which business and management can enhance sustainability and strategic competitiveness.

  15. Performance Measurement Model for the Consumer Industry Listed on Indonesia Stock Exchange: DEA and SFA Approaches

    Directory of Open Access Journals (Sweden)

    T.Handono Eko Prabowo

    2014-08-01

    Full Text Available This  research  attempts  to  provide  performance  measurement  model  for  the  consumer industry listed on Indonesia Stock Exchange (IDX by  using the data envelopment analysis (DEA and the stochastic frontier analysis (SFA. There were 36 panel irms analyzed over the period of 2000-2005 or 216 pooled observations. The output variable was total sales and input variables were labor, inventory, ixed assets and capital. Z-variables are age of the irm, size  of  the  irm,  market  share  and  time  period.  Empirical  indings  reveal  that  the  average technical  eficiency  (mean  TE  for  consumer  industry  was  0.6630.  The  study  indicates  the existence of output slacks (output deicits and input slacks (input wastages in the consumer industry's  operation.  The  study  also  shows  that  the  joint  effect  of  four  z-variables  on  the technical  ineficiencies  of  the  consumer  industry  was  signiicant  although  the  individual effects of one or more variables might not be statistically signiicant. ";} // -->activate javascript

  16. Fundmental Analysis for Stock Price Valuation by Using Price Earnings Ratio Method (Study at Mining Companies Listed on Indonesian Stock Exchange Year 2011-2013)

    OpenAIRE

    Wahyuningtyas, Rovi; Suhadak; Hidayat, Raden Rustam

    2015-01-01

    The research was conducted based on the misprice on the investment of stock. The misprice of investment on stock can be reduced with evaluate the reasonable of stock price by using fundamental analysis. The fundamental analysis that used in this research is Price Earnings Ratio (PER) method. The PER method aim to know the reasonableness of stock price with compare the intrinsic value of stock and the stock market price. The research is descriptive quantitative method. The research takes the s...

  17. Discussing Vilnius-Warsaw relations / Rokas M. Tracevskis

    Index Scriptorium Estoniae

    Tracevskis, Rokas M.

    2011-01-01

    Vilniuses asuv Eastern Europe Studies Center avaldas Leedu-Poola vahelisi suhteid kajastava raporti, mille arutlusele olid tulnud Leedu ekspresident Valdas Adamkus, välisminister Andronius Azubalis ja ka teised eksperdid. Andronius Azubalis on hinnanud suhteid normaalseteks, kuid Valdas Adamkus leidis, et need on halvenenud

  18. The machine in the market: Computers and the infrastructure of price at the New York Stock Exchange, 1965-1975.

    Science.gov (United States)

    Kennedy, Devin

    2017-12-01

    This article traces the development and expansion of early computer systems for managing and disseminating 'real-time' market data at the most influential stock market in the United States, the New York Stock Exchange (NYSE). It follows electronic media at the NYSE over a roughly ten-year period, from the time of the deployment of a computer called the Market Data System (MDS) through debates surrounding the National Market System and the passage of the 1975 Securities Acts Amendments. Building on research at the archives of the NYSE and the Securities and Exchange Commission (SEC), this history emphasizes the regulatory and managerial contexts in which market data became computerized. The SEC viewed market automation as both necessary for the viability of the securities industry and a mechanism for expanding regulatory oversight over the venues of stock trading. Moving from the MDS to later technical projects in the late 1960s and early 1970s, this article charts the changing meaning of electronic governance in a market increasingly conceptualized as a technical object. Adding to recent work in the social studies of finance and financial technologies, this history sites early NYSE computerization programs within managerial efforts to consolidate control over the clerical labor of financial markets, and in contests between regulatory and market institutions. It concludes by exploring the differing forms of electronic governance activated in these efforts to bring computers into the market.

  19. Estimation of a simple agent-based model of financial markets: An application to Australian stock and foreign exchange data

    Science.gov (United States)

    Alfarano, Simone; Lux, Thomas; Wagner, Friedrich

    2006-10-01

    Following Alfarano et al. [Estimation of agent-based models: the case of an asymmetric herding model, Comput. Econ. 26 (2005) 19-49; Excess volatility and herding in an artificial financial market: analytical approach and estimation, in: W. Franz, H. Ramser, M. Stadler (Eds.), Funktionsfähigkeit und Stabilität von Finanzmärkten, Mohr Siebeck, Tübingen, 2005, pp. 241-254], we consider a simple agent-based model of a highly stylized financial market. The model takes Kirman's ant process [A. Kirman, Epidemics of opinion and speculative bubbles in financial markets, in: M.P. Taylor (Ed.), Money and Financial Markets, Blackwell, Cambridge, 1991, pp. 354-368; A. Kirman, Ants, rationality, and recruitment, Q. J. Econ. 108 (1993) 137-156] of mimetic contagion as its starting point, but allows for asymmetry in the attractiveness of both groups. Embedding the contagion process into a standard asset-pricing framework, and identifying the abstract groups of the herding model as chartists and fundamentalist traders, a market with periodic bubbles and bursts is obtained. Taking stock of the availability of a closed-form solution for the stationary distribution of returns for this model, we can estimate its parameters via maximum likelihood. Expanding our earlier work, this paper presents pertinent estimates for the Australian dollar/US dollar exchange rate and the Australian stock market index. As it turns out, our model indicates dominance of fundamentalist behavior in both the stock and foreign exchange market.

  20. The Impact of a Surprise Dividend Increase on a Stocks Performance : the Analysis of Companies Listed on the Warsaw Stock Exchange

    Directory of Open Access Journals (Sweden)

    Tomasz Słoński

    2012-01-01

    Full Text Available The reaction of marginal investors to the announcement of a surprise dividend increase has been measured. Although field research is performed on companies listed on the Warsaw Stock Exchange, the paper has important theoretical implications. Valuation theory gives many clues for the interpretation of changes in dividends. At the start of the literature review, the assumption of the irrelevance of dividends (to investment decisions is described. This assumption is the basis for up-to-date valuation procedures leading to fundamental and fair market valuation of equity (shares. The paper is designed to verify whether the market value of stock is immune to the surprise announcement of a dividend increase. This study of the effect of a surprise dividend increase gives the chance to partially isolate such an event from dividend changes based on long-term expectations. The result of the research explicitly shows that a surprise dividend increase is on average welcomed by investors (an average abnormal return of 2.24% with an associated p-value of 0.001. Abnormal returns are realized by investors when there is a surprise increase in a dividend payout. The subsample of relatively high increases in a dividend payout enables investors to gain a 3.2% return on average. The results show that valuation models should be revised to take into account a possible impact of dividend changes on investors behavior. (original abstract

  1. The efficiency criterion of Markowitz portfolio theory application in the short-term trading at the Ukrainian Stock Exchange example

    Directory of Open Access Journals (Sweden)

    Evdokimenko Yuri

    2016-03-01

    Full Text Available The article presents a comparative analysis of the profitability and risk of the two stock portfolios: a portfolio with equal shares of assets and portfolio of assets with shares determined on the basis of Markowitz portfolio theory. The purpose of the research is to identify the effectiveness of the Markowitz portfolio theory for prediction in terms of trade on the Ukrainian Stock Exchange. According to the study results, the efficiency criteria were developed and evaluated. It is proved that the portfolio based on the Markowitz problem solutions presents smaller risk at equal profitability, and in some cases, greater profitability, which makes it more efficient in the process of diversification of the risk portfolio.

  2. Fractional Market Model and its Verification on the Warsaw STOCK Exchange

    Science.gov (United States)

    Kozłowska, Marzena; Kasprzak, Andrzej; Kutner, Ryszard

    We analyzed the rising and relaxation of the cusp-like local peaks superposed with oscillations which were well defined by the Warsaw Stock Exchange index WIG in a daily time horizon. We found that the falling paths of all index peaks were described by a generalized exponential function or the Mittag-Leffler (ML) one superposed with various types of oscillations. However, the rising paths (except the first one of WIG which rises exponentially and the most important last one which rises again according to the ML function) can be better described by bullish anti-bubbles or inverted bubbles.2-4 The ML function superposed with oscillations is a solution of the nonhomogeneous fractional relaxation equation which defines here our Fractional Market Model (FMM) of index dynamics which can be also called the Rheological Model of Market. This solution is a generalized analog of an exactly solvable fractional version of the Standard or Zener Solid Model of viscoelastic materials commonly used in modern rheology.5 For example, we found that the falling paths of the index can be considered to be a system in the intermediate state lying between two complex ones, defined by short and long-time limits of the Mittag-Leffler function; these limits are given by the Kohlrausch-Williams-Watts (KWW) law for the initial times, and the power-law or the Nutting law for asymptotic time. Some rising paths (i.e., the bullish anti-bubbles) are a kind of log-periodic oscillations of the market in the bullish state initiated by a crash. The peaks of the index can be viewed as precritical or precrash ones since: (i) the financial market changes its state too early from the bullish to bearish one before it reaches a scaling region (defined by the diverging power-law of return per unit time), and (ii) they are affected by a finite size effect. These features could be a reminiscence of a significant risk aversion of the investors and their finite number, respectively. However, this means that the

  3. Dividend policy as a signaling mechanism under different market conditions: Evidence from the Casablanca Stock Exchange

    DEFF Research Database (Denmark)

    Farooq, Omar; Saoud, Siham; Agnaou, Samir

    2012-01-01

    a significantly negative relationship between dividend payout ratio and stock price volatility during the stable growth period. We also show a significantly positive relationship between dividend payout ratio and stock returns during the same period. However, this relationship turns insignificant during the high...... growth period. One of the reasons for our results may be that investors pay lesser attention to the signaling value of dividends during the periods when they are earning higher returns on their investments....

  4. The Determinants of Corporate debt maturity: a study on listed companies of Bombay Stock Exchange 500 index

    Directory of Open Access Journals (Sweden)

    Raveesh Krishnankutty

    2014-03-01

    Full Text Available The study was intented to identify the determinants of the debt maturity structure of listed firms in Bombay Stock Exchange 500 index. For the analysis we have taken 321 firms during the period 2002- 2011, comprising of a panel model with fixed effects. We also used GMM (1991 and GMM (1998 estimates of our analysis. The result of robustness tests confirms that past year debt maturity, leverage and growth opportunities are directly determined the debt maturity of Indian firms. Liquidity, effective tax and rate prime lending rate are negatively determining the debt maturity of Indian companies.

  5. Determination of the optimal investment portfolio using CAPM in Tehran Stock Exchange industries: A VAR-Multivariate GARCH approach

    Directory of Open Access Journals (Sweden)

    Ahmad Moradifard

    2013-01-01

    Full Text Available This study determines the optimal investment portfolio in Tehran Stock Exchange (TSE industries. For this purpose, a conditional capital asset pricing model (CAPM with time-varying covariance, according to a Multivariate GARCH approach has been formulated. According to this conditional CAPM, the conditional variance-covariance matrix and mean of returns are calculated for some industries. By using the Mean-Value at Risk portfolio selection model, the optimum proportion is detected. Results showed that the Pharmaceutical Industry, Financial Group and Cement Industry have the most quotas in portfolio since they maintain the minimum variance and maximum return among all other industries.

  6. PERFORMANCE EVALUATION OF PROPERTY AND REAL ESTATE COMPANIES LISTED ON INDONESIA STOCK EXCHANGE USING DATA ENVELOPMENT ANALYSIS

    Directory of Open Access Journals (Sweden)

    Tessa V. Soetanto

    2014-01-01

    Full Text Available   This paper aimed to evaluate perfomance of property and real estate companies listed in Indonesia Stock Exchange using the DEA method. Samples were 23 companies listed from 2009–2012. Results showed that some companies are relatively efficient each year. However, only one company consistently had technical efficiency equal to 1. The main cause of inefficiency from 2009–2011 was scale inefficiency while inefficiency happened in 2012 was pure technical inefficiency. Overall the companies operate efficiently un-der constant returns to scale is showing an increase from 17.39%–39.13%.

  7. 78 FR 62782 - Self-Regulatory Organizations; National Stock Exchange, Inc.; Notice of Filing and Immediate...

    Science.gov (United States)

    2013-10-22

    ... certain other language and punctuation issues. 2. Statutory Basis The Exchange believes that its proposal... language and punctuation items, thereby enhancing the clarity of Exchange rules, which is consistent with...

  8. CAPITAL ASSET PRICING MODEL METHOD USED IN MEASURING AND ANALYZING COMPANIES LISTED IN PEFINDO25 AT INDONESIA STOCK EXCHANGE PERIOD 2015

    Directory of Open Access Journals (Sweden)

    Francis M HUTABARAT

    2016-08-01

    Full Text Available The industry in Indonesia is an interesting business to capitalize. In Indonesia many companies were established since it is profitable. The capital market serves as an economic pillar in most countries. Indonesia is a rich country, rich in many ways especially in natural resources. However, the industry has its ups and downs in the stock market. It is interesting to see the performance of the companies listed in the Indonesia Stock Exchange.  This study aimed to measure and analyze companies listed in Pefindo25 at Indonesian Stock Exchange using Capital Asset Pricing Model. The sample used is 25 companies listed at Pefindo25 index. Based on the results of the study, it can conclude that after analyzing the companies listed in the Indonesian Stock Exchange using Capital Asset Pricing Model that based on Beta analysis, the companies have the type of stocks that are aggressive and defensive. With positive and negative return. The company with aggressive beta shows that the company tend to face higher risk, as JPFA find itself with positif return 15.47% expected return. And companies with defensive type of stocks tend to have positive return such as: FISH, STTP, AISA, APLN, and others since they are not sensitive to market changes. It is recommended for further research to look on this CAPM method in analyzing the stock investment.

  9. 78 FR 21634 - Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing and Immediate...

    Science.gov (United States)

    2013-04-11

    ... Plan April 5, 2013. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (the ``Act... terms of the Plan. \\14\\ The Exchange is a Participant in the Plan. \\15\\ See Section (V)(A) of the Plan... VII(A) of the Plan. As discussed below, however, upon declaring a Trading Pause, the Exchange proposes...

  10. 78 FR 72731 - Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing and Immediate...

    Science.gov (United States)

    2013-12-03

    ... and modifiers. See Securities Exchange Act Release No. 69538 (May 8, 2013), 78 FR 28671 (May 15, 2013) (SR-CHX-2013-10); see also Securities Exchange Act Release No. 69075 (March 8, 2013), 78 FR 16311... From the Federal Register Online via the Government Publishing Office SECURITIES AND EXCHANGE...

  11. 77 FR 69711 - Self-Regulatory Organizations; National Stock Exchange, Inc.; Notice of Filing and Immediate...

    Science.gov (United States)

    2012-11-20

    ... competitive market in which market participants can readily favor competing venues. In such an environment... competitive with other exchanges. The Exchange believes that the proposed rule change reflects this competitive environment. Operative Date and Notice The Exchange currently intends to make the proposed...

  12. Socio-spatial transformatioSocio-Spatial Transformations, Suburbanisation, and Voting Behaviour in the Vilnius Urban Regionns, suburbanisation, and voting behaviour in the Vilnius urban region (discussion paper)

    NARCIS (Netherlands)

    Ubareviciene, R.; Burneika, D.; Van Ham, M.

    2012-01-01

    This paper analyses the interrelationship between the process of suburbanization and a changing political and ethnic landscape in the Vilnius urban region. The region surrounding Vilnius city is dominated by Polish identity residents while those who suburbanise into the region are mainly ethnic

  13. A Novel Mobile Personalized Recommended Method Based on Money Flow Model for Stock Exchange

    Directory of Open Access Journals (Sweden)

    Qingzhen Xu

    2014-01-01

    Full Text Available Personalized recommended method is widely used to recommend commodities for target customers in e-commerce sector. The core idea of merchandise personalized recommendation can be applied to financial field, which can also achieve stock personalized recommendation. This paper proposes a new recommended method using collaborative filtering based on user fuzzy clustering and predicts the trend of those stocks based on money flow. We use M/G/1 queue system with multiple vacations and server close-down time to measure practical money flow. Based on the indicated results of money flow, we can select the more valued stock to recommend to investors. The experimental results show that the proposed method provides investors with reliable practical investment guidance and receiving more returns.

  14. Capital Asset Pricing Model Testing at Warsaw Stock Exchange: Are Family Businesses the Remedy for Economic Recessions?

    Directory of Open Access Journals (Sweden)

    Jacek Lipiec

    2014-07-01

    Full Text Available In this article, we test the capital asset pricing model (CAPM on the Warsaw Stock Exchange (WSE by measuring the performance of two portfolios composed of construction firms: family-controlled and nonfamily controlled. These portfolios were selected from the WIG-Construction (WIG—Warszawski Indeks Giełdowy—Warsaw Stock Exchange Index. The performance of both portfolios was measured in the period from 2006 to 2012 with respect to three sub-periods: (1 pre-crisis period: 2006–2007; (2 crisis period: 2008–2009; and (3 post-crisis period: 2010–2012. This division was constructed in this way to find out how family firms performed in crisis times in relation to nonfamily firms. In addition, the construction portfolio was chosen due to its sensitivity to recessions. When an economy faces a downturn, construction firms are among the first to be exposed to risk. The performance was measured by using the capital asset pricing model with statistical inference. We find that public family firms significantly outperformed non-family peers in the crisis times.

  15. The Influence of Stock Exchange Transactions on the Volume of Capital Investments in Real Sectors of the Ukrainian Economy

    Directory of Open Access Journals (Sweden)

    Strielnikov Roman M.

    2017-09-01

    Full Text Available It is determined that insufficient attention is paid to the issues of influence of cash flows that are formed in the national stock market on the size of capital investments in real sectors of the national economy. Therefore this direction of scientific and practical research is topical. It is proved that the purchase of securities that the buyer intends to resell within three months cannot be classified as an investment, and the buyer — as an investor. It is found that during the last ten years the main source of financing of capital investments was the position “Own funds of enterprises and institutions”. When considering exchange securities contracts at stock markets there singled out financial instruments that can influence the size of capital investments in real sectors of the economy, namely, shares and bonds of enterprises. The conducted correlation analysis showed that there is a strong correlation between exchange contracts with original issue shares and the volumes of capital investments in real sectors of the economy, which indicates that the capitalization of the assets of issuers of shares contributes to increasing the opportunities for capital investments in the whole country.

  16. The Roles of Stock Exchanges in Emerging Markets: The Case of ...

    African Journals Online (AJOL)

    This article revisits the discussion on the functions that the emerging stock markets are intended to perform when they are established. In order to fulfill such functions, certain levels of "market micro-structure" characteristics should be obtained. Such micro-structure features include liquidity, market size and enabling ...

  17. 77 FR 47481 - Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing and Immediate...

    Science.gov (United States)

    2012-08-08

    ...) of the Act,\\10\\ because it would promote just and equitable principles of trade, remove impediments... clearly erroneous executions in various contexts, including reviews in the context of a Multi-Stock Event... Commission does not edit personal identifying information from submissions. You should submit only...

  18. 77 FR 521 - Self-Regulatory Organizations; Chicago Board Options Exchange, Incorporated and National Stock...

    Science.gov (United States)

    2012-01-05

    ... Instituting Administrative and Cease-and-Desist Proceedings Pursuant to Sections 19(h) and 21C of the Act... total outstanding shares of CBOE Holdings stock. See Article Sixth (b) of the Amended and Restated... limit or restrict any rights of CBOE to transfer any of its Series A Voting Shares with the prior...

  19. The study of the rate of convergence in the stock exchange market of ...

    African Journals Online (AJOL)

    and absence of the effectiveness of global financial markets from each other can significantly help the prediction of global crises and timely performance to these crises. This study used the stock price index of the Persian Gulf countries available on formal informational databases for 5 years (2005-2010) as daily in order to ...

  20. Trakehner breed mares reproduction properties analysis in Vilnius stud Farm

    OpenAIRE

    Greblikas, Rokas

    2014-01-01

    The purpose of Master’s thesis: To analyse Trakehner breed mares reproduction properties. Tasks of Master’s thesis: To examine the indicators of the Trakehner breed mares reproduction - fertility, a number of abortion, embryonic period in Vilnius stud. 1. To examine the impact of various factors on mares reproduction properties. Methods used to conduct a research: 1) Zootechnical - documentary analysis, 2) Analytical analysis, 3) Statistical analysis. The research relies on data...

  1. 77 FR 74536 - Self-Regulatory Organizations; National Stock Exchange, Inc.; Notice of Filing and Immediate...

    Science.gov (United States)

    2012-12-14

    ... published quotation, and (iv) distribute attributed quotations through the Exchange's Depth-of Book market... currently provides ECN's with ``free advertising'' through attributed quotations, which facilitates an...

  2. 78 FR 41966 - Self-Regulatory Organizations; National Stock Exchange, Inc.; Notice of Filing and Immediate...

    Science.gov (United States)

    2013-07-12

    ... market or limit orders for which an ETP Holder instructs the System to route to designated away Trading.... (``SIRI''). \\6\\ NSX Rule 2.11(a) defines a Trading Center as other securities exchanges, facilities of securities exchanges, automated trading systems, electronic communications networks or other brokers or...

  3. 78 FR 78424 - Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing and Immediate...

    Science.gov (United States)

    2013-12-26

    ... that the proposed rule change reflects this competitive environment. B. Self-Regulatory Organization's... Exchange's trading facilities, encourage order flow, and allow the Exchange to remain competitive in today... operates in a highly competitive market in which market participants can readily favor competing venues. In...

  4. 78 FR 15065 - Self-Regulatory Organizations; National Stock Exchange, Inc.; Notice of Filing and Immediate...

    Science.gov (United States)

    2013-03-08

    ... competitive market in which market participants can readily favor competing venues. In such an environment... competitive with other exchanges. For the reasons described above, the Exchange believes that the proposed rule change reflects this competitive environment. B. Self-Regulatory Organization's Statement on...

  5. 78 FR 5236 - Self-Regulatory Organizations; National Stock Exchange, Inc.; Notice of Filing and Immediate...

    Science.gov (United States)

    2013-01-24

    ... increase efficiency and reduce financial risk by allowing the Exchange to draft against the Clearing Member... reduce financial risk by allowing the Exchange to draft against the Clearing Member's account the amount... via check or bank transfer, which is designed to increase efficiency and reduce financial risk. The...

  6. “Analysis of Capital Structure Determinant” A case from Pakistan’s chemical sector companies listed at Karachi stock exchange

    Directory of Open Access Journals (Sweden)

    Pervez Akhtar

    2013-07-01

    Full Text Available This paper explores and analyzes the capital structure determinants of chemical sector of Pakistan. The sample is comprises over 34 listed chemical companies of Pakistan. All companies are listed at Pakistan’s national stock exchange “Karachi Stock Exchange (KSE. Debt/Equity is taken as dependent variable and five independent variables are Profitability, Growth, Financial Cost, Size, and Tangibility. The Results showed that financial cost and tangibility are positively related while other variables have negative relationship with the dependent variable (Debt/Equity.

  7. Extreme value theory in emerging markets: Evidence from the Montenegrin stock exchange

    Directory of Open Access Journals (Sweden)

    Cerović Julija

    2015-01-01

    Full Text Available The concept of Value at Risk(VaR estimates the maximum loss of a financial position at a given time for a given probability. This paper considers the adequacy of the methods that are the basis of extreme value theory in the Montenegrin emerging market before and during the global financial crisis. In particular, the purpose of the paper is to investigate whether the peaks-over-threshold method outperforms the block maxima method in evaluation of Value at Risk in emerging stock markets such as the Montenegrin market. The daily return of the Montenegrin stock market index MONEX20 is analyzed for the period January 2004 - February 2014. Results of the Kupiec test show that the peaks-over-threshold method is significantly better than the block maxima method, but both methods fail to pass the Christoffersen independence test and joint test due to the lack of accuracy in exception clustering when measuring Value at Risk. Although better, the peaks-over-threshold method still cannot be treated as an accurate VaR model for the Montenegrin frontier stock market.

  8. ISLAMIC ETHICAL INVESTMENT AS MECHANISM TO MITIGATE AGENCY CONFLICT: An Empirical Study in Indonesian Stock Exchange

    Directory of Open Access Journals (Sweden)

    Syafiq M. Hanafi

    2013-07-01

    Full Text Available This paper attempts to investigate whether Ethical Investment (EI could reduce the role of dividend and debt in reducing agency conflict between controlling and public shareholders in Indonesia. I investigate market reaction when EI and Non-EI stocks announce dividend payments, dividend non-payments, and bond issuance. I also investigate the effect of EI and the interaction between EI and dividend and between EI and debt on company’s value. The smaller market reaction shows that EI stocks contain less surprises, since EI stocks are able to reduce information asymmetry, and increase trust among investors. The empirical results show that market reaction for debt issuance is less positive for EI stocks than for Non-EI stocks. Regression analysis shows that EI strengthens the role of debt in increasing company’s value. The role of EI in reducing agency conflict seems to have multi-dimensions. Event studies show that debt could be used as a substitute for debt in reducing agency conflict, but regression result shows that EI complements debt in reducing agency conflicts, and increase company’s value. Overall I conclude that EI provide an important role as mechanisms to reduce agency conflict, and increase company’s value.   [Artikel ini menelisik apakah Ethical Investment (EI dapat mengurangi peran dividen dan bunga dalam menekan konflik perusahaan antara manajer dan pemilik saham publik di Indonesia.  Reaksi pasar akan dilihat ketika stok EI dan non-EI mengumumkan dividen dibayarkan, dividen tidak dibayarkan, dan bon pengeluaran. Hal lain yang juga dilihat adalah pengaruh dari EI dan interaksi antara EI dan dividen serta antara EI dan hutang pada nilai perusahaan. Reaksi pasar yang lebih kecil menunjukkan bahwa stok EI tidak banyak mengejutkan, karena stok EI dapat  mengurangi ketidaksinkronan informasi sekaligus meningkatkan kepercayaan investor. Analisis lapangan menunjukkan bahwa pengumuman tentang hutang perusahaan memiliki dampak

  9. IMPACT OF OIL PRICES ON THE STOCK EXCHANGE OF PAKISTAN AND MALAYSIA

    OpenAIRE

    Rabia Najaf; Khakan Najaf

    2016-01-01

    The aim of this study to show the impact of changing oil prices on the stock market of Pakistan and Malaysia. Our study is trying to show that oil prices have devastated impact on all the aspects of the life. We have taken the data of 1989 to 2010.we have applied the correlation and regression analysis. Our study is showing Pakistan is the importing country therefore; it has worst impact on the oil prices of Pakistan. Normally, most of the studies revealed that there is negative association b...

  10. The technical analysis of the stock exchange and physics: Japanese candlesticks for solar activity

    Science.gov (United States)

    Dineva, C.; Atanasov, V.

    2013-09-01

    In this article, we use the Japanese candlesticks, a method popular in the technical analysis of the Stock/Forex markets and apply it to a variable in physics-the solar activity. This method is invented and used exclusively for economic analysis and its application to a physical problem produced unexpected results. We found that the Japanese candlesticks are convenient tool in the analysis of the variables in the physics of the Sun. Based on our observations, we differentiated a new cycle in the solar activity.

  11. An empirical evaluation of Value-at-Risk: The case of the Belgrade Stock Exchange index - BELEX15

    Directory of Open Access Journals (Sweden)

    Đaković Vladimir

    2012-03-01

    Full Text Available The subject of the research is to test and analyze VaR (Value-at-Risk methods of market risk management on the financial market of the Republic of Serbia. Thus, concrete research is conducted in the period 2005 - 2011, with the goal of VaR methods performance assessment on the Serbian financial market. The tested VaR methods are Historical simulation (HS and Delta normal VaR with 95% and 99% confidence level for 50, 100, 200 and 250 days. BELEX15 stock index of the Belgrade Stock Exchange, which comprises of 15 most liquid securities of the Serbian financial market, is used as a benchmark indicator of the conditions on the Serbian financial market. The goals which are intended for achieving in the research are focused to Historical simulation (HS and Delta normal VaR performance assessment on, according to many criteria, 'specific'-transitory financial market of the Republic of Serbia. The basic goal of the research is to come to concrete, practically tested, knowledge about the possibility and performance of VaR methods application on the financial market of the Republic of Serbia in function of investment decisions optimizing. Research results point to the necessity of VaR methods application in market risk management on the financial market of the Republic of Serbia.

  12. A study on relationship between asymmetric information on dividend polices of companies listed in Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Adineh Hayatbakhsh

    2013-07-01

    Full Text Available Explaining and the determinants of dividend policy is one of the biggest challenges that have long been the center of attention of accounting and financial researcher and theoreticians. There are many evidences that confirm the effects of dividend and there are a lot of other potential factors whose effects on the dividend policy have not been studied yet. In this study, the effects of four variables including asymmetric information, growth opportunities, cash holding and firm size in payout dividend policy are investigated, simultaneously. The study uses the information of 140 companies listed on Tehran Stock Exchange over the period 2005-2010. In this study, 4 hypotheses are proposed and investigated. There are positive and significant relationships between asymmetric information, growth opportunities, cash holding and company size on one side and payout dividend policy on the other side.

  13. The use of copula functions for modeling the risk of investment in shares traded on the Warsaw Stock Exchange

    Science.gov (United States)

    Domino, Krzysztof; Błachowicz, Tomasz

    2014-11-01

    In our work copula functions and the Hurst exponent calculated using the local Detrended Fluctuation Analysis (DFA) were used to investigate the risk of investment made in shares traded on the Warsaw Stock Exchange. The combination of copula functions and the Hurst exponent calculated using local DFA is a new approach. For copula function analysis bivariate variables composed of shares prices of the PEKAO bank (a big bank with high capitalization) and other banks (PKOBP, BZ WBK, MBANK and HANDLOWY in decreasing capitalization order) and companies from other branches (KGHM-mining industry, PKNORLEN-petrol industry as well as ASSECO-software industry) were used. Hurst exponents were calculated for daily shares prices and used to predict high drops of those prices. It appeared to be a valuable indicator in the copula selection procedure, since Hurst exponent’s low values were pointing on heavily tailed copulas e.g. the Clayton one.

  14. An AHP-GRA method for asset allocation: A case study of investment firms on Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Firoozeh Salardini

    2013-10-01

    Full Text Available During the past five decades, there have been tremendous efforts to offer different methods for portfolio management. The primary objective of many of these methods is to provide a trade-off between risk and reward. The proposed study of this paper uses analytical hierarchy process (AHP and grey relational analysis to offer a method for portfolio management. The proposed method of this paper uses a statistical sample consists of 16 firms whose shares were trading during the fiscal year of 2010 on Tehran Stock Exchange. The study uses AHP and gray relational analysis to assign weight to each firm. We also use a linear programming technique to model the resulted problem by considering some realistic constraints.

  15. Is there Needed an Industry Approach on Corporate Default Risk? Case Study on Companies Listed on Romanian Stock Exchange

    Directory of Open Access Journals (Sweden)

    Cristina Maria Triandafil

    2009-02-01

    Full Text Available This paper focuses on applying Black and Scholes structural approach on credit risk in the case of the companies listed on Romanian Stock Exchange. We conduct a case-study on 35 companies belonging to five industries (energetic, materials, chemistry, pharmaceuticals, equipments during a period of 10 years in order to highlight out default point/threshold and its essential factors evolution across industries. Research approach is concentrated also on the specific characteristics of the Romanian capital market (especially in terms of illiquidity and lack of transparency additional costs, macroeconomic environment and corporate finance decision process. We compute default point from the perspective of the arbitrage between assets and leverage; in accordance with the most recent theories on specific features corporate default within emerging countries (Galytskyy, 2006, a key element will be represented by the assets volatility which will be correlated with the country risk premium in order to highlight out a potential macroeconomic impact on corporate failure.

  16. A study on relationship between the return of value/growth portfolio and market return: Evidence from Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Monireh Mashhadi Ramezanali

    2014-07-01

    Full Text Available This study examines the relationship between the returns of two value and growth portfolios and the return of market on 15 selected firms on Tehran Stock Exchange over the period 2008-2011. The study divides the firms into two groups in terms of the ratios of price on earning as well as price on book value into two groups of value and growth portfolios. Using some regression analysis, the study has determined a positive and meaningful relationship between value portfolio and market return when the market is on the upside but this relationship is not meaningful during the bear session. The results indicate that during the bull sessions, value portfolios provide better investment opportunities than growth ones do.

  17. Changes in the USD/EUR exchange rate and their impact on the return of stock indexes from the viewpoint of a european and of an american investor

    Directory of Open Access Journals (Sweden)

    Oldřich Rejnuš

    2004-01-01

    Full Text Available This article tries to analyse the impact of changes in the USD/EUR exchange rate on the return of stock indexes. We deal with investments on the American and on the European stock market made by European investors (investing in EUR and by American investors (investing in USD simultaneously on both these markets in the period of the last ten years. The investments are analysed from the viewpoint of five different investing periods with a common date of termination on 31 December 2003.Using correlation coefficients, we have quantified the dependence between the development of relative weekly changes in the USD/EUR exchange rate and of relative weekly changes in the value of both indexes converted to the investor’s home currency in different time periods. We have also quantified the dependence between the development of relative weekly changes in the value of both indexes under study expressed in their original currency and after conversion to the investor’s home currency.The analysis has shown that even in periods of considerable exchange rate fluctuation, the development of stock market rates had a significantly greater impact on the return of stock indexes than the development of the two currencies’ exchange rates.

  18. Effects of Capital Structure and Profitability on Corporate Value with Company Size as the Moderating Variable of Manufacturing Companies Listed on Indonesia Stock Exchange

    Directory of Open Access Journals (Sweden)

    Ela Mahdaleta

    2016-09-01

    Full Text Available This study aims to determine the effect of capital structure and profitability on the corporate value by company size as the moderating variable on manufacturing companies listed on Indonesia Stock Exchange from 2012 to 2014. Variables used in this research are the Capital Structure and Profitability as independent variables, company size as moderating variable and corporate value as the dependent variable. The corporate value in this study was measured using price to book value. This study was performed on manufacturing companies listed on the Indonesia Stock Exchange. This study was conducted on 46 companies that meet the sampling criteria of 135 companies listed on the Indonesia Stock Exchange. The research data were secondary data from the financial statements of 46 companies published in the Indonesia Stock Exchange. The data processing method in this study used multiple linear regression tests and moderating test using residual test by testing classical assumption test beforehand. The results show independent variables have simultaneous significant influence on the corporate value. Meanwhile, partially, Debt to equity ratio has significant negative effect on corporate value, and Return on assets has significant positive effect on corporate value. The moderating test result shows that company size is unable to partially moderate the relationship of debt to equity ratio on the corporate value, and unable to partially moderate the relationship of return on assets on the corporate value.

  19. Socio-spatial transformations, suburbanisation, and voting behaviour in the Vilnius urban region

    NARCIS (Netherlands)

    Ubarevi?ien?, R.; Burneika, D.; Van Ham, M.

    2012-01-01

    This paper analyses the interrelationship between the process of suburbanisation and a changing political and ethnic landscape in the Vilnius urban region. The region sur-rounding Vilnius city is dominated by Polish identity residents while those who suburbanise into the region are mainly ethnic

  20. A survey on the effects of institutional ownership, internal audit and non-executive board members on forecasting crashes: Evidence from Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Mostafa Sohouli Vahed

    2014-11-01

    Full Text Available This paper presents an empirical investigation to study the effects of institutional ownership, internal audit system, the number of non-executive board members and having differentiation between chair and general managers’ responsibilities on the likelihood of stock price crash on 110 listed firms on Tehran Stock Exchange over the period 2004-2011. The study uses Chen’ model (2001 [Chen, J., Hong, H., & Stein, J. C. (2001. Forecasting crashes: Trading volume, past returns, and conditional skewness in stock prices. Journal of Financial Economics, 61(3, 345-381.] to perform the investigation. Based on the results of the survey, there is a negative and meaningful relationship between stock price crash and institutional ownership when the level of significance is ten percent. In addition, as the number of non-executive board members increases, the chance of stock price crash decreases when the level of significance is five percent. However, separation between the responsibility of chair and general managers did not seem to influence on stock price and also having internal audit system had no impact on the likelihood of stock price change.

  1. 76 FR 35257 - Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing and Immediate...

    Science.gov (United States)

    2011-06-16

    ... information that is distributed in the Book Feed. \\8\\ The Book Feed includes transaction data for all trades... From the Federal Register Online via the Government Publishing Office SECURITIES AND EXCHANGE... Effectiveness of Proposed Rule Change To Add a Rule Concerning the CHX Book Feed June 10, 2011. Pursuant to...

  2. 77 FR 39767 - Self-Regulatory Organizations; National Stock Exchange, Inc.; Notice of Filing and Immediate...

    Science.gov (United States)

    2012-07-05

    ... rebate tier depends on an ETP Holder's ADV. Endnote 3 provides that ``ADV'' means, with respect to an ETP... occurred. Endnote 3 further clarifies that ``ADV'' as used with respect to the Exchange's Automatic.... Endnote 5, which is proposed to apply to each of the four rebate tiers in Order Delivery, provides that an...

  3. 77 FR 14450 - Self-Regulatory Organizations; National Stock Exchange, Inc.; Notice of Filing and Immediate...

    Science.gov (United States)

    2012-03-09

    ... liquidity based upon an ETP Holder's Liquidity Adding ADV (as such term is defined in Endnote 3 of the Fee... whether the security is Tape A, B or C. Corresponding edits are made to Endnote 3 to reflect the... (as defined in Endnote 4 of the Fee Schedule) that add liquidity in AutoEx, the Exchange currently...

  4. 77 FR 56886 - Self-Regulatory Organizations; National Stock Exchange, Inc.; Notice of Filing and Immediate...

    Science.gov (United States)

    2012-09-14

    ... Endnote 4. The Exchange proposes to define the ADV as the average number of shares the ETP Holder has..., 2012.\\7\\ \\6\\ See Endnote 3. \\7\\ See Endnote 3. ETP Holders may elect to adopt the ``Variable Fee... participants will not be subject to this fee schedule. \\8\\ See Endnote 9. As stated above, an ETP Holder that...

  5. 78 FR 9756 - Self-Regulatory Organizations; National Stock Exchange, Inc.; Notice of Filing and Immediate...

    Science.gov (United States)

    2013-02-11

    ... Fixed Fee Schedules under Section I. Endnote number three (3) in the Fee Schedule currently states that.... EST on the first trading day of the calendar month. Rather than including this option in an endnote, the Exchange proposes to move this endnote to Section I so that ETP Holders are more easily made aware...

  6. 78 FR 76675 - Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing and Immediate...

    Science.gov (United States)

    2013-12-18

    ... Effectiveness of Proposed Rule Change To Permit the Reporting of Odd Lot Transactions for Inclusion on the... inclusion on the consolidated tape\\,\\, in light of the approval of an amendment to the Consolidated Tape... Change 1. Purpose On September 9, 2013, the Exchanges and the Financial Industry Regulatory Authority...

  7. 78 FR 60954 - Self-Regulatory Organizations; National Stock Exchange, Inc.; Notice of Filing and Immediate...

    Science.gov (United States)

    2013-10-02

    ... or limit orders for which an ETP Holder instructs the System to route to designated away Trading... America Corp. (``BAC''), Nokia Corporation (``NOK''), and Sirius XM Radio Inc. (``SIRI''). See Exchange... CBSX. A Double Play Order is a market or limit order for which the ETP Holder instructs the NSX System...

  8. 78 FR 62728 - Self Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing and Immediate...

    Science.gov (United States)

    2013-10-22

    ... organizations (``SROs'') have made similar rule changes. See e.g., Securities Exchange Act Release Nos. 63314... Broker Exam administered by CHX to conduct business on behalf of an Institutional Broker, and (4) the Market Maker Trader Exam administered by CHX to qualify as a Market Maker Trader.\\17\\ \\16\\ Article 6...

  9. 77 FR 69673 - Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing and Immediate...

    Science.gov (United States)

    2012-11-20

    ... went into effect, the Exchange observed that certain Participants had found a number of methods for.... After the current order cancellation fee went into effect, there has been a noticeable reduction in the... Regular Trading Session in a given day and its corresponding N order multiplier or ``N mult .'' The...

  10. 75 FR 4436 - Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing and Immediate...

    Science.gov (United States)

    2010-01-27

    ... (bid for buy orders; offer for sell orders) at the time the order is received by the Matching System.\\6... behavior remains unchanged, to compensate the Exchange for the processing and electronic storage costs... submitted by the Participant. The formula is designed to isolate a pattern of behavior in which a firm...

  11. 78 FR 13919 - Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing and Immediate...

    Science.gov (United States)

    2013-03-01

    ... Deceptive and Other Abusive Telemarketing Acts or Practices, To Correct a Citation Error February 12, 2013... telemarketing acts or practices, to correct a citation error. The text of this proposed rule change is available... Exchange proposes to amend Article 8, Rule 13 (Advertising, Promotion and Telemarketing), which, among...

  12. 77 FR 51076 - Self-Regulatory Organizations; National Stock Exchange, Inc.; Notice of Filing and Immediate...

    Science.gov (United States)

    2012-08-23

    ... other abusive telemarketing acts or practices. The text of the proposed rule change is available on the... FTC rules that prohibit deceptive and other abusive telemarketing acts or practices. Rule 3.21... connection with telemarketing. The Commission directed the Exchange to enact these telemarketing rules in...

  13. 76 FR 36596 - Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Order Approving a Proposed Rule...

    Science.gov (United States)

    2011-06-22

    ... make additional rules subject to punishment under its MRP. These rules relate to: (1) Failure to notify the Exchange of a request to withdraw capital contribution (Article 3, Rule 6(b)); (2) failure to... notes that it has considered the proposed rule's impact on efficiency, competition, and capital...

  14. 78 FR 19047 - Self-Regulatory Organizations; National Stock Exchange, Inc.; Notice of Filing and Immediate...

    Science.gov (United States)

    2013-03-28

    ..., an investor may receive a worse price if its ] Zero Display Reserve Order, specifically when pegged... Peg Zero Display Reserve Order, and a Midpoint Peg Zero Display Reserve Order. Under Exchange Rule 11.11(c)(2)(A), a ``Market Peg Zero Display Reserve Order'' is a ``pegged Zero Display Reserve Order...

  15. Patterns of trading profiles at the Nordic Stock Exchange. A correlation-based approach.

    Science.gov (United States)

    Musciotto, Federico; Marotta, Luca; Miccichè, Salvatore; Piilo, Jyrki; Mantegna, Rosario N.

    2016-07-01

    We investigate the trading behavior of Finnish individual investors trading the stocks selected to compute the OMXH25 index in 2003 by tracking the individual daily investment decisions. We verify that the set of investors is a highly heterogeneous system under many aspects. We introduce a correlation based method that is able to detect a hierarchical structure of the trading profiles of heterogeneous individual investors. We verify that the detected hierarchical structure is highly overlapping with the cluster structure obtained with the approach of statistically validated networks when an appropriate threshold of the hierarchical trees is used. We also show that the combination of the correlation based method and of the statistically validated method provides a way to expand the information about the clusters of investors with similar trading profiles in a robust and reliable way.

  16. Trading Mechanisms and Market Quality: Evidence from the London Stock Exchange

    Directory of Open Access Journals (Sweden)

    E. Giouvris

    2013-06-01

    Full Text Available Over the last years we have witnessed sweeping changes in trading systems all over the world. Those changes provided academics with an opportunity to look into the microstructure of different markets. Most empirical work in the area has concentrated on comparing changes in liquidity, volatility, trading volume and asymmetric information under different trading settings. Informational efficiency and spread sensitivity to volatility has been neglected however. This paper looks into informational efficiency and spread sensitivity to volatility under different trading settings namely a dealership, an order driven market and a hybrid market. We use FTSE100 and FTSE250 stocks as our sample. The evidence shows that order driven markets respond faster to information compared to dealerships and that spread is more sensitive to volatility in a dealership than in an order driven market. The degree of informational efficiency as well as spread sensitivity to volatility is the same between a dealership and a hybrid market.

  17. The Use of Neural Network and Portfolio Analysis in Forecasting Share Prices at the Stock Exchange

    Directory of Open Access Journals (Sweden)

    Przemyslaw Stochel

    2000-01-01

    Full Text Available The article presents the use of neural networks in decision making process on the capital market. The author tried to show the efficiency of established solution in Polish reality which features different conditions in comparison with the markets of higher developed countries. The aim of the paper was to prove that neural networks are flexible tools which on one hand might be adjusted to investor's requirements and on the other, can reduce equirements to his experience. The article is based on the author's own research carried out by modelling neural network operation with a simulation program. The established solutions are input which employs stocks portfolio computed on the basis of Markowitz portfolio theory and Sharpe's model. According to the established propositions, the portfolio created in such a way is modified by neutral network in order to optimise a criterion which maximises the income of such a modified portfolio. A detailed genesis of the established input vector and network structure are presented. It allows the reader to carry out his own research and create his own attitude towards applied values. The research results based on a real stock market database with the use of one-output networks predicting thc price of a single company - Agros as well as networks predicting the desirable structure of the whole portfolio are presented. The effect of the network structure leaming parameters, input vector (not only as to the input quantity but also as to period of time they were collected was examined. The dependence between the factors mentioned above such as input vector and network structure were discussed. lt seems that the presented paper has proved that some not widely spread methods with neural networks can become at competitive tool to optimisation methods.

  18. The cultivation of energy crops for biogas production and the application of digestates are characterized by high variability of CO2 exchange and soil organic C stock changes

    Science.gov (United States)

    Augustin, Juergen; Fiedler, Sebastian; Heintze, Gawan; Rohwer, Marcus; Prescher, Anne-Katrin; Pohl, Madlen; Jurisch, Nicole; Hagemann, Ulrike

    2017-04-01

    In Germany, agricultural production accounts for approx. 15% of total anthropogenic greenhouse gas emissions. The cultivation of energy crops is thus considered an important option to reduce the climate impact and maintain or increase soil organic carbon (SOC) stocks. In particular, this applies to the continuously expanding cultivation of energy crops for biogas production and the associated use of residues from anaerobic digestion (digestates) as organic fertilizer. To date, there is only limited and contradicting evidence on the impacts of this management practice on the CO2 exchange as well as the change of SOC stocks. We will present results from a 4-year field study at 5 sites in Germany using identical methods to investigate the interacting effects of i) 3 N-fertilizer treatments including calcium ammonium nitrate and digestates and ii) a crop rotation of 7 energy crops like maize, sorghum, triticale, and wheat on net ecosystem CO2 exchange (NEE) and the change of SOC stocks. We used the manual chamber approach for measuring NEE as the difference between gross primary production and ecosystem respiration. The determination of SOC stock changes was based on a C budget approach, which includes the cumulated annual NEE, the C export by harvest, and the C import by application of anaerobic digestates. The CO2 exchange and the change of SOC stocks were influenced by multiple factors like crop, site, fertilization, and climate, as well as their complex interactions. A large proportion of the variability of the CO2 exchange can be attributed to interannual climatic variability. Productive crops like maize and sorghum generally feature the most intensive CO2 exchange, while less productive crops can compensate for this by means of longer cultivation times. Regardless of the extreme variability, pronounced and partly significant differences of NEE and C budgets between sites were observed. On average, SOC stocks declined over a full crop rotation, but with highly

  19. TIME-VARYING BETA AND VOLATILITY IN THE KUALA LUMPUR STOCK EXCHANGE

    Directory of Open Access Journals (Sweden)

    Mansor Ibrahim

    2004-01-01

    Full Text Available The paper analyzes the relationship between beta risk and aggregate market volatility for 12sized-based portfolios for the case of Malaysia using daily data from January 1988 to December 2000. The analysis is conducted for the entire sample as well as various sub-samples corresponding to (ithe upward trend in the market from January 1988-December 1992; (ii the huge influx of portfolio investments from January 1993-June 1997, and (Hi the Asian crisis and its aftermath from July 1997-December 2000. The results generally suggest instability in beta risk due to its significant response to aggregate market volatility. Additionally, we also note that the direction of relationship between beta risk and market volatility seems to depend on stock market conditions or sub-samples used. Namely, beta risk seems to decrease with increasing market volatility for the whole sample as well as the first and the third sub-samples. However, for the second sub-sample, their relationship turns to be positive. Lastly, the author have evidence for the Malaysian case that size does not play significant role in the way beta risk responds to aggregate market volatility. These results have important implications for investment decisions as well as for event analyses employing the market model to generate abnormal returns.

  20. An Empirical Investigation of the Black-Scholes Model: Evidence from the Australian Stock Exchange

    Directory of Open Access Journals (Sweden)

    Zaffar Subedar

    2007-12-01

    Full Text Available This paper evaluates the probability of an exchange traded European call option beingexercised on the ASX200 Options Index. Using single-parameter estimates of factors withinthe Black-Scholes model, this paper utilises qualitative regression and a maximum likelihoodapproach. Results indicate that the Black-Scholes model is statistically significant at the 1%level. The results also provide evidence that the use of implied volatility and a jump-diffusionapproach, which increases the tail properties of the underlying lognormal distribution,improves the statistical significance of the Black-Scholes model.

  1. The Impact of Stock, Energy and Foreign Exchange Markets on the Sugar Market

    Directory of Open Access Journals (Sweden)

    Nikolaos Sariannidis

    2010-07-01

    Full Text Available This study examines the effect of financial factors on the sugar market by using GeneralizedAutoregressive Conditional Heteroskedasticity (GARCH models. The results show thatchanges in capital and energy markets returns have a positive impact on the mean returnsof Sugar futures as opposed to changes in volatility returns of the exchange rate of the U.S.Dollar/ Yen that affect it negatively. Finally, the structural analysis of volatility with the GARCHmodel has shown that current volatility is more influenced by past volatility rather than by theprevious day shocks.

  2. Stock price forecasting for companies listed on Tehran stock exchange using multivariate adaptive regression splines model and semi-parametric splines technique

    Science.gov (United States)

    Rounaghi, Mohammad Mahdi; Abbaszadeh, Mohammad Reza; Arashi, Mohammad

    2015-11-01

    One of the most important topics of interest to investors is stock price changes. Investors whose goals are long term are sensitive to stock price and its changes and react to them. In this regard, we used multivariate adaptive regression splines (MARS) model and semi-parametric splines technique for predicting stock price in this study. The MARS model as a nonparametric method is an adaptive method for regression and it fits for problems with high dimensions and several variables. semi-parametric splines technique was used in this study. Smoothing splines is a nonparametric regression method. In this study, we used 40 variables (30 accounting variables and 10 economic variables) for predicting stock price using the MARS model and using semi-parametric splines technique. After investigating the models, we select 4 accounting variables (book value per share, predicted earnings per share, P/E ratio and risk) as influencing variables on predicting stock price using the MARS model. After fitting the semi-parametric splines technique, only 4 accounting variables (dividends, net EPS, EPS Forecast and P/E Ratio) were selected as variables effective in forecasting stock prices.

  3. The Prediction Performance of Asset Pricing Models and Their Capability of Capturing the Effects of Economic Crises: The Case of Istanbul Stock Exchange

    Directory of Open Access Journals (Sweden)

    Erol Muzır

    2010-09-01

    Full Text Available This paper is prepared to test the common opinion that the multifactor asset pricing models produce superior predictions as compared to the single factor models and to evaluate the performance of Arbitrage Pricing Theory (APT and Capital Asset Pricing Model (CAPM. For this purpose, the monthly return data from January 1996 and December 2004 of the stocks of 45 firms listed at Istanbul Stock Exchange were used. Our factor analysis results show that 68,3 % of the return variation can be explained by five factors. Although the APT model has generated a low coefficient of determination, 28,3 %, it proves to be more competent in explaining stock return changes when compared to CAPM which has an inferior explanation power, 5,4 %. Furthermore, we have observed that APT is more robust also in capturing the effects of any economic crisis on return variations.

  4. La riforma della Borsa di Londra. I problemi prudenziali. (Reform of the London Stock Exchange: the prudential issues

    Directory of Open Access Journals (Sweden)

    M.J.B. HALL

    2013-12-01

    Full Text Available Nel mese di ottobre 1986, la Borsa di Londra ha subito quello che è stato chiamato il Big Bang . Questo consisteva nella rimozione delle commissioni fisse in UK transazioni in titoli , l'abolizione del sistema di capacità di singolo , e l'eliminazione delle barriere all'ingresso nei mercati mobiliari del Regno Unito . L'autore prende in considerazione cinque questioni prudenziali sollevate da questo evento : potenza monopolio e dominio straniero , di armonizzazione internazionale della vigilanza , di adeguatezza patrimoniale e di competenza gestionale , la gestione di ' cadere ' (uscita dal settore , e conflitti di interesse . Tre ulteriori fattori sono considerati in dettaglio ; l'approccio del regolatore di conflitti di interesse, la regolamentazione dei conglomerati finanziari , e le implicazioni del Testo Unico della Finanza .In October 1986 the London Stock Exchange underwent what was termed the Big Bang. This consisted of the removal of fixed commissions on UK securities transactions, the abolition of the single capacity system, and the removal of barriers to entry to UK securities markets. The author considers five prudential issues raised by this event: monopoly power and foreign dominance, international supervisory harmonisation, capital adequacy and managerial competence, the management of 'fall out' (exit from the industry, and conflicts of interest. Three further factors are considered in detail; the regulator's approach to conflicts of interest, the regulation of financial conglomerates, and the implications of the Financial Services Act.JEL: G10, G18

  5. Using executive information systems as a business management tool in listed Johannesburg Stock Exchange (JSE companies: An exploratory study

    Directory of Open Access Journals (Sweden)

    Elmarie Papageorgiou

    2010-12-01

    Full Text Available Purpose: The aim of the study is to investigate the extent and use of Executive Information Systems (EISs as a business management tool in listed Johannesburg Stock Exchange (JSE companies. Problem: This study is important in order to establish the existence of EISs in these companies and whether it is being used as a business management tool to analyse and measure companies' performances. Research Methodolog:The research methods were both quantitative and qualitative in nature and are based on the literature study, questionnaire and interviews. Findings and conclusion: The findings of the study provide evidence that companies with an EIS or planning to implement an EIS view it as an excellent business management tool. This tool has built-in features, is critical for real-time decision-making, solves problems and creates a competitive edge. Value of the research: The value of the study adds to the current understanding and awareness of EISs. EISs create an environment in which business and management can enhance sustainability and strategic competitiveness.

  6. Using executive information systems as a business management tool in listed Johannesburg Stock Exchange (JSE companies: An exploratory study

    Directory of Open Access Journals (Sweden)

    Elmarie Papageorgiou

    2010-12-01

    Full Text Available Purpose: The aim of the study is to investigate the extent and use of Executive Information Systems (EISs as a business management tool in listed Johannesburg Stock Exchange (JSE companies. Problem: This study is important in order to establish the existence of EISs in these companies and whether it is being used as a business management tool to analyse and measure companies' performances.Research Methodolog:The research methods were both quantitative and qualitative in nature and are based on the literature study, questionnaire and interviews. Findings and conclusion: The findings of the study provide evidence that companies with an EIS or planning to implement an EIS view it as an excellent business management tool. This tool has built-in features, is critical for real-time decision-making, solves problems and creates a competitive edge. Value of the research: The value of the study adds to the current understanding and awareness of EISs. EISs create an environment in which business and management can enhance sustainability and strategic competitiveness.

  7. The impact of life cycle on the value-relevance of cash flows versus accrual financial information: An empirical study based on Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Fatemeh Karbalaee Saleh

    2013-08-01

    Full Text Available The purpose of this research is to determine the relationship between life cycle and cash flows of automotive and machinery industry among firms whose shares are accepted in Tehran Stock exchange. The multivariate linear regression is used and the classification is based on the applied researches. The study population consists of accepted automotive and machinery industries in Tehran Stock Exchange. According to limitation in population of study, the total population has been considered and because of the nature of this research, Eviews software is used. The results indicate that the effect of cash flows are superior to accrual financial information and by increasing of the company`s life cycle and entering to maturity and decline stages, the information of cash flows and accrual flows will reduce.

  8. COMPARATIVE ANALYSIS OF THE TURKISH FOOTBALL CLUB WEB SITES IN THE STOCK EXCHANGE IN ISTANBUL ON THE RELATIONSHIP BETWEEN THE COMPETITIVE INVESTORS IN THE UNITED KINGDOM

    OpenAIRE

    TEMİZEL, Fatih; Ulvi ÇOBAN

    2017-01-01

    Since the 1980s, the development of financial liberalization and information technologies has increased the awareness of stakeholders of companies and has enabled investor relations to reach professional dimensions. In this study, it is aimed to contribute to the development of the management of the investor relations of football clubs and to the correct pricing of market values in Stock Exchange Istanbul. For this reason, information will be given about the areas that football clubs which ar...

  9. The Influence Profitability, Financial Leverage, and Firm Size on Income Smoothing Empirical Studies on Banking Companies Listed on Stock Exchanges in Indonesia 2009-2012

    OpenAIRE

    Fathoni, Ahmad Fauzan; Taufik, Muhammad

    2014-01-01

    The purpose of this study is to examine profitability, financial leverage, and firm size, on income smoothing in banking companies listed in Indonesia Stock Exchange 2009-2012. This study uses income smoothing as the dependent variable, the independent variable we use profitability, financial leverage, and firm size. Purposive sampling method we used to get the sample, and from 32 firms that we observed, we got 19 firms as the samples. To analize the data Multiple Linier Regression, F-test an...

  10. Effect of Corporate Governance Structure on the Financial Performance of Johannesburg Stock Exchange (JSE-Listed Mining Firms

    Directory of Open Access Journals (Sweden)

    Isaih Dzingai

    2017-06-01

    Full Text Available There have been many corporate collapses and financial crises in recent years linked to a lack of effective corporate governance. The South African King IV Code of Corporate Governance recommends that corporate governing bodies should be comprised of an appropriate balance of knowledge, diversity, and independence for discharging their duties objectively and more efficiently. This study examines the effect of corporate governance structures on firm financial performance. The secondary data of selected Johannesburg Stock Exchange (JSE, Socially Responsible Investment (SRI Index-listed mining firms’ sustainability reports, and integrated annual financial statements are used. Using panel data analysis of the random effects model, we determined the relationship between board independence and board size and the return on equity (ROE for the period 2010–2015. Results indicate a weak negative correlation between ROE and board size, and a weak, but positive, correlation between ROE and board independence. Additionally, there is a positive, but weak, correlation between ROE and sales growth, but a negative and weak relationship between ROE and firm size. The study suggests that effective corporate governance through a small effective board and monitoring by an independent board result in increased firm financial performance. We recommend that South African companies see compliance with the recommendations of the King IV Code on Corporate Governance not as a liability, but an ethical investment that may likely yield financial benefit in the long-term. Although complying with corporate governance principles does not necessarily translate into a significant economic benefit, firms should, however, continue to adopt corporate governance for ethical reasons to meet stakeholder’s social and environmental needs for sustainable development.

  11. The implications of financial performance on stock exchange indicators of listed companies: empirical evidence for the Romanian capital market

    Directory of Open Access Journals (Sweden)

    Iulia-Oana ȘTEFAN(BELCIC-ȘTEFAN

    2016-08-01

    Full Text Available This paper examines and quantifies the implications of financial indicators of performance on the share return of companies listed on Bucharest Stock Exchange. These implications are even more relevant as the Romanian capital market could benefit from increased visibility with its reclassification as an emerging capital market in the near future. The research is conducted at the level of 33 companies listed on BSE for the time frame 2011-2013, building a multiple linear regression model that quantifies the variation in price to book value depending on the evolution of nine financial indicators of performance out of a total of 38 such possible indicators. Correcting the effects of serial correlation within the model led to its respecification resorting to the generalized differences procedure. The value of the R-squared coefficient of determination for the processed model is 0.543, eight of the nine independent variables being significant at the 1% level. The 0 probability associated to the F-test as well as its value confirm that the regression equation is globally significant. Also, all the assumptions for validating the estimated model are confirmed, both general ones, characteristic to the multiple linear regression procedure, and, in particular, according to the specific set of data under processing. The applied usefulness of the regression model is valued in the next step of the research, that of testing the effectiveness of the Romanian capital market, after which it was found that the influence of financial performance indicators was already incorporated into the market price since the end of the reporting period.

  12. Integrating dynamic fuzzy C-means, data envelopment analysis and artificial neural network to online prediction performance of companies in stock exchange

    Science.gov (United States)

    Jahangoshai Rezaee, Mustafa; Jozmaleki, Mehrdad; Valipour, Mahsa

    2018-01-01

    One of the main features to invest in stock exchange companies is their financial performance. On the other hand, conventional evaluation methods such as data envelopment analysis are not only a retrospective process, but are also a process, which are incomplete and ineffective approaches to evaluate the companies in the future. To remove this problem, it is required to plan an expert system for evaluating organizations when the online data are received from stock exchange market. This paper deals with an approach for predicting the online financial performance of companies when data are received in different time's intervals. The proposed approach is based on integrating fuzzy C-means (FCM), data envelopment analysis (DEA) and artificial neural network (ANN). The classical FCM method is unable to update the number of clusters and their members when the data are changed or the new data are received. Hence, this method is developed in order to make dynamic features for the number of clusters and clusters members in classical FCM. Then, DEA is used to evaluate DMUs by using financial ratios to provide targets in neural network. Finally, the designed network is trained and prepared for predicting companies' future performance. The data on Tehran Stock Market companies for six consecutive years (2007-2012) are used to show the abilities of the proposed approach.

  13. Muusikamaailm : 15. ooperifestival Wexfordis. Tshellopidu algas Frankfurdis. Vilniuse "Gaida" lõppes eile. Konkursilt Besanqonis. Ernest Bour lahkunud / Priit Kuusk

    Index Scriptorium Estoniae

    Kuusk, Priit, 1938-

    2001-01-01

    15. ooperifestivalist Wexfordis. Frankfurdis toimunud Kronbergi tshellofestivali pidulikust avakontserdist. Vilniuse uue muusika festivalist "Gaida". Konkursilt Besanqonis. Suri nimekas prantsuse dirigent Ernest Bour

  14. 26 CFR 1.306-3 - Section 306 stock defined.

    Science.gov (United States)

    2010-04-01

    ... in business in the United States. (i) Section 306 shall be inapplicable to stock received before June... a stock dividend, or the stock is received in exchange for section 306 stock. If, in a transaction to which section 356 is applicable, a shareholder exchanges section 306 stock for stock and money or...

  15. Memory politics in a Multiethnic City: the Case of Vilnius

    Directory of Open Access Journals (Sweden)

    Rasa Čepaitienė

    2013-12-01

    Full Text Available In the article, the concepts that have influenced (and are still influencing the appreciation, assimilation and usage of the collective memory, evidenced in historic Lithuanian towns, especially Vilnius, are analysed, and some possible solutions to the questions arising are proposed. It is emphasized that the recognition, usage and interpretation of cultural values, accumulated in the public spaces of historic towns, which are, as a rule, multiethnic, multiconfessional and multicultural, is a complex undertaking requiring competence, creativity and responsibility. The relationship between this multipartite problem and the cultural politics of modern Lithuania is examined. Two attitudes, monoperspective (imperial, Soviet, nationalistic and multi-perspective (postmodern, towards the relationship between ethnic communities and the prevailing culture are distinguished. The clearest cases of public space appropriation/interpretation which provoked inter-ethnic or intersectional conflicts in recent times are analysed. These are related to the sensitivity of the collective memory, which is linked to the traumas and wrongs of the recent past. The strategic possibilities of the usage of cultural riches accumulated in the public spaces of Vilnius’ old town are discussed, by referring to the ideas of conservation theorists and taking into account the Lithuanian context. The actuality of the multicultural traditions and experiences of the unique concord in the Grand Duchy of Lithuania are emphasised, considering the present circumstances of the globalised world.

  16. İstanbul Menkul Kıymetler Borsası’nda (İMKB Sektör Bazında İşlem Gören Hisse Senetlerinin Alım-Satım Kararlarında En Yüksek Getirili Stratejinin Belirlenmesi(Determination of Maximum Gainful Strategy in Exchange of Stocks Traded on Sectoral Basis in Istanbul Stock Exchange

    Directory of Open Access Journals (Sweden)

    Tuncer ÖZDİL

    2006-01-01

    Full Text Available Today economic units supply their long-term fund demands from capital markets. Firms can obtain funds to issue stocks and bonds in stock exchanges in accordance with market conditions. Particularly going public stocks in primary market are traded in secondary market due to market conditions. Investors in these markets desire to generate earnings from movement of prices and actually it is the main objective in capital markets. In this context, investors want to obtain information about prospective price changes in order to achieve their earning objective. However many time, it is not possible to get such an information because of uncertainty and risks in markets. Individual investors settle some strategies about stock exchange by the help of their personal experiences, observations and information, with an aim to overcome this uncertainty. It is important to decide accurate time of taking and selling stocks. It is not possible to estimate accuracy of timing. The same difficulty appears in strategy process, either. In this study, adequate timing decision of individual investors in stock exchange was examined by a simulation application. Investors’ possible strategies were determined. These strategies applied the closing values of sectoral indexes defined in Istanbul Stock Exchange and advisable strategies for each sector were determined.

  17. The Effect of Good Corporate Governance and Environmental Performance on Financial Performance of the Company (Studies on Participants of Proper Listed on Indonesia Stock Exchange

    Directory of Open Access Journals (Sweden)

    Abigail Andriana

    2017-05-01

    Full Text Available This research aimed to determine whether the environmental performance and Good Corporate Governance (GCG mechanisms such as managerial ownership, institutional ownership, the proportion of independent commissioners, had effects of the audit committee on financial performance measured by using Return on Equity (ROE. This research used the population of manufacturing company listed on Indonesia Stock Exchange that participated in PROPER 2012/2013 and 2013/2014. Based on the multiple regression analysis, audit committee partially had a significant effect on financial performance, while the others did not. Meanwhile, the analysis result shows that environmental performance and all GCG mechanisms simultaneously have significant effectson financial performance.

  18. Exploring the Impact of ISO 9001, ISO 14001 and OHSAS 18001 Certification on Financial Performance: The Case of Companies listed on the Bucharest Stock Exchange

    Directory of Open Access Journals (Sweden)

    Mihaela Ionașcu

    2017-02-01

    Full Text Available The purpose of this paper is to investigate the impact of ISO 9001, ISO 14001 and OHSAS 18001 certification on the financial performance of Romanian companies listed on the Bucharest Stock Exchange (BSE. Based on audited financial statements of a population of 67 non-financial companies listed during 2013-2015 and using regression models, this paper shows, for the first time in Romania, that companies listed on BSE, implementing complex management systems (quality – environmental and/or occupational health and safety perform better, and that their performance is directly linked to the complexity of the management systems implemented.

  19. Long-Run and Short-Run Returns of Initial Public Offerings (IPO) of Public and Private Companies in Tehran Stock Exchange (TSE) Market

    OpenAIRE

    Mohammad Mirbagherijam; Saber Khodaparati; Gholamreza Zamanian

    2013-01-01

    This paper surveys some effective factors on long-term and short-term returns of initial public offerings (IPO) of public and private companies in Tehran Stock Exchange (TSE) market. We use panel data approach to compare determinant factors of returns of IPO either in public and private firms. The results show that P/E ratio, volume of transactions and size of companies are the main factors of determinant of abnormal long-run returns of IPO in both private and public companies. In the short-r...

  20. 78 FR 5213 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing of Proposed Rule...

    Science.gov (United States)

    2013-01-24

    ... Change Adopting Investigation, Disciplinary, Sanction, and Other Procedural Rules That Are Modeled on the... Proposed Rule Change The Exchange proposes to adopt investigation, disciplinary, sanction, and other... The Exchange proposes to adopt investigation, disciplinary, sanction, and other procedural rules that...

  1. 77 FR 77166 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate...

    Science.gov (United States)

    2012-12-31

    ... incentives for quoting and adding liquidity to the bond market in the form of rebates to BLPs that provide liquidity to the Exchange's bond market. The Exchange believes that the rebates encourage the additional... liquidity to the bond market, thereby promoting competition and a free and open market. The Exchange...

  2. 76 FR 79726 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate...

    Science.gov (United States)

    2011-12-22

    ... market participants to bring additional liquidity to the Exchange's bond marketplace by providing... incentives for ] quoting and adding liquidity to the bond market in the form of rebates to BLPs that provide liquidity to the Exchange's bond market. The Exchange believes that the rebates encourage the additional...

  3. 75 FR 77024 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing of Proposed Rule...

    Science.gov (United States)

    2010-12-10

    ..., and provide them with financial incentives for bringing liquidity to the Exchange's bond market. The... transparency in the retail corporate bond market. Bond Trading License The Exchange proposes to establish a new... equity securities in the Exchange's New Market Model.\\6\\ The structure of the corporate bond market...

  4. 77 FR 69534 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate...

    Science.gov (United States)

    2012-11-19

    ...-party carriers for both wired and wireless phone service on the Trading Floor, the Exchange does not... wired phone lines. Accordingly, the Exchange proposes to extend the temporary suspension of those... trading, many of the services that the Exchange depends on from third-party carriers, such as wired and...

  5. 77 FR 67704 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate...

    Science.gov (United States)

    2012-11-13

    ..., because the Exchange is dependent on third-party carriers for both wired and wireless phone service on the..., such as wired and wireless telephone connections, are not fully restored. The Exchange believes that... provided portable phones. Similarly, the Exchange continues to experience problems with the DMM unit wired...

  6. 76 FR 25727 - Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing of Proposed Rule...

    Science.gov (United States)

    2011-05-05

    ... amend its rules that pertain to the Exchange's minor rule violation plan. The text of this proposed rule... Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange's Minor Rule Violation Plan (``Plan... applicable rules. Under the Plan, the Exchange may impose a monetary fine, instead of instituting a formal...

  7. Mapping optimal areas of ecosystem services potential in Vilnius (Lithuania)

    Science.gov (United States)

    Pereira, Paulo; Depellegrin, Daniel; Misiune, Ieva; Cerda, Artemi

    2016-04-01

    Maps are fundamental to understand the spatial pattern of natural and human impacts on the landscape (Brevik et al., 2016; Lavado Contador et al., 2009; Pereira et al., 2010a,b). Urban areas are subjected to an intense human pressure (Beniston et al., 2015), contributing to the degradation of the ecosystems, reducing their capacity to provide services in quality and quantity (Requier-Desjardins et al., 2011; Zhang et al., 2011). Environments that can provide a high number and quality of ecosystem services (ES) must be identified and managed correctly, since are spaces that can mitigate the impacts of human settlements and improve their quality. thus is of major importance have identify the areas that can provide better ES (Deppelegrin and Pereira, 2015). The aim of this work is to identify areas with high ES potential in Vilnius city. Here, we identified a total of 4 different land uses, agricultural areas (32.48%), water bodies (1.46%), forest and semi-natural (31.91%) areas and artificial surfaces (34.16%). CORINE land cover 2006 was used as base information to classify ES potential. The assessment of each land cover potential was carried out using expert assessment. Each land use type was ranked from 0 (no potential) to 5 (High potential). In this work the sum of total regulating, providing and cultural ES were assessed. The areas with optimal ES were the ones with the sum of all ranks equal or higher than the 3rd Quartil of each distribution. After identifying these areas, data was mapped using ArcGIS software. The results showed that on average Vilnius city has a higher potential for regulating services (20.35±15.92), followed by cultural (14.43±8.81) and providing (14.26±8.87). There was a significant correlation among the different type of services. Regulating vs cultural (0.92, psoil quality for urban agriculture in a vacant lot soil. Land Degradation and Development, DOI: 10.1002/ldr.2342 Brevik, E., Baumgarten, A., Calzolari, C., Miller, B., Pereira, P

  8. A survey on relationship between capital structure, free cash flow and diversification and firm performance of listed companies in Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Mohammad Khodaei Valahzaghard

    2014-10-01

    Full Text Available This paper presents an empirical investigation to study the effects of free cash flow, share diversification and capital structure on Tobin-Q in selected firms on Tehran Stock Exchange. The population of the survey includes 520 firms listed on this exchange until year 2012 and the survey uses a sample of 105 firms, randomly. The study uses the models originally developed by Palepu (1985 [Palepu, K. (1985. Diversification strategy, profit performance and the entropy measure. Strategic Management Journal, 6(3, 239-255.] to measure the effects of different factors on Tobin Q. The study has indicated that while capital structure and free cash flow influence positively on Tobin Q, diversification has maintained a negative and meaningful relationship with Tobin Q.

  9. Identification and classification of open book accounting dimensions by considering inter-organizational cost management: A case study of petrochemical companies listed in Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Leila Sadeghi

    2014-02-01

    Full Text Available This study aims to identify and to classify Open book accounting (OBA dimensions according to inter-organizational cost management (IOCM in petrochemical companies listed in Tehran Stock Exchange. In this research, there are 18 statistical society financial and accounting experts listed in Tehran Stock Exchange. By studying the theoretical literature and conducted investigations inside and outside of the country and also the experts’ comments, the OBA dimensions were identified and then classified by analytical hierarchy process technique. According to the studies and experts’ ideas, four dimensions including nature of data and accounting data disclosure practices, uses of disclosed accounting data, conditions of OBA, cost implementation of OBA were identified as OBA dimensions. The results of examinations were shown that, considering the comments on dimensions of nature of data and accounting data disclosure practices, the form of data disclosure plays a more important role. In uses of disclosed accounting data dimension, coordination and planning among team members play the most important role. According to conditions of OBA dimension, trust is the most important one and in cost implementation of OBA dimension, the cost of the other party plays the most important role.

  10. The Influence of Good Corporate Governance Mechanism on Earnings Management: Empirical Study in Indonesian Stock Exchange Listed Company for Periods of 2006-2010

    Directory of Open Access Journals (Sweden)

    Hermiyetti Hermiyetti

    2013-01-01

    Full Text Available The purpose of this research is to examine the influence of good corporate governance mechanism about earnings management in companies listed in Indonesian Stock Exchange during 2006 to 2010. The independent variables include the size of commissioner board, independent commissioner board percentage, size of audit committee, and commissioner meeting frequency. The dependent variable is earnings management which is measured by discretionary revenue model (Stubben, 2010. Size of company is used as the control variable in this research. The population of this research is 465 samples from companies listed at Indonesian Stock Exchange during 2006 to 2010. The sampling method used in this research is purposive sampling method. In addition, the data analysis method used is regression analysis and descriptive statistics. The result of this research indicates that the mechanism of good corporate governance which is represented by the size of commissioner board, independent commissioner board percentage, size of audit committee, and commissioner meeting frequency do not have any significant impact on earnings management. However, the result shows that company size gave positive influence toward earning management. Keywords: Good corporate governance, size of commissioner board, independent commissioner board percentage, size of audit committee, commissioner meeting frequency, earnings management

  11. AN ANALYSIS OF BANKRUPTCY LIKELIHOOD ON COAL MINING LISTED FIRMS IN THE INDONESIAN STOCK EXCHANGE: AN ALTMAN, SPRINGATE AND ZMIJEWSKI APPROACHES

    Directory of Open Access Journals (Sweden)

    M. Noor Salim

    2017-09-01

    Full Text Available This research was conducted to determine the bankruptcy possibility of Coal Mining Companies listed in Indonesia Stock Exchange (IDX, using Altman Model (Z-score, Springate Model (SScore and Zmijewski Model (X-Score approaches. The respondent is 19 Coal Mining Companies listed in IDX taken from 22 companies’ population. Purposive sampling was used as the sampling technique which required the following criteria: go public Coal Mining Companies listed in IDX respectively from 2011 until 2011, and have audited financial statements for the fiscal year 2011 – 2014. Data collection methods were desk research. The result of this research showed that Zmijewski Model is the most accurate predictive models that can be applied to coal mining company listed on the Indonesia Stock Exchange (IDX because this model has the highest level of accuracy compared to other predictive models that are equal to 78.95%, followed by Springate Model which has an accuracy rate of 47.37%, and the last one, Altman Model only has 5.26%.

  12. Analyzing Influential Factors Against Timeliness of Financial Reporting (Empirical Study of Automation and Components and Telecommunication Companies Listed on Indonesia Stock Exchange.

    Directory of Open Access Journals (Sweden)

    Joko Suryanto

    2016-12-01

    Full Text Available This research aims to examine the effect of the relationship between firm size, profitability, solvency, public ownership, and the audit opinion on the timeliness of financial reporting. The dependent variable in the form of timekeeping company deliver the financial statements to the Stock Exchange. Meanwhile for the independent variables such as firm size measured by total asets of the company, profitability is measured by profit margin ratio, solvency measured by debt-to-equity ratio, public ownership is measured by the percentage of the number of shares owned by the community, and the audit opinion is measured with an unqualified opinion and otherwise unqualified. This study uses secondary data with population automotive companies and telecommunications components and annual financial statements issued on the Stock Exchange in the period 2010-2012. From the analysis conducted in this study it can be concluded that the size of the company significantly influence the timeliness of financial reporting. While profitability, solvency, public ownership, and the audit opinion does not affect the timeliness of financial reporting.

  13. 76 FR 4959 - Self-Regulatory Organizations; New York Stock Exchange LLC; Order Approving a Proposed Rule...

    Science.gov (United States)

    2011-01-27

    ... securities on the Exchange and establish a new class of NYSE market participants, Bonds Liquidity Providers... bond market via the BLP program. \\6\\ See Securities Exchange Act Release Nos. 58877 (October 29, 2008... NYSE, and upon bringing liquidity to NYSE's bond market, BLPs would receive a rebate based on an...

  14. 77 FR 70862 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate...

    Science.gov (United States)

    2012-11-27

    ... particular, the Exchange notes that the lines that support both the wired and wireless phone connections and... portable phones, pursuant to Rules 36.20 and 36.21. In addition, many of the wired telephone lines and... lieu of the non-operational Exchange authorized and provided portable phones, wired phone lines, or...

  15. 78 FR 5851 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate...

    Science.gov (United States)

    2013-01-28

    ... service. In particular, the Exchange notes that the lines that ] support both the wired and wireless phone... dependent on third-party carriers for both wired and wireless phone service and internet connections on the... Exchange depends on from third-party carriers, such as wired and wireless telephone connections, are not...

  16. 76 FR 46860 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing of Proposed Rule...

    Science.gov (United States)

    2011-08-03

    ...-Regulatory Organization's Statement of the Purpose of, and the Statutory Basis for, the Proposed Rule Change... proposed rule change, the Exchange will advise member organizations of the implementation date of the rule... paperwork in the process while holding each member organization accountable for identifying to the Exchange...

  17. 77 FR 63370 - Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing of Proposed Rule...

    Science.gov (United States)

    2012-10-16

    ... (Removal of Securities) and Rule 19 (Corporate Governance) to comport with Section 10(C) of the Exchange... Securities) and Rule 19 (Corporate Governance) to comport with Section 10(C) of the Exchange Act \\7\\ and Rule... (Removal of Securities) and Rule 19 (Corporate Governance) to establish listing standards that require each...

  18. 76 FR 55432 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate...

    Science.gov (United States)

    2011-09-07

    ...-location users already understand to be in effect. 2. Statutory Basis The Exchange believes that its... prepared by the Exchange. The Commission is publishing this notice to solicit comments on the ] proposed..., the proposed rule change and discussed any comments it received on the proposed rule change. The text...

  19. 77 FR 74034 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate...

    Science.gov (United States)

    2012-12-12

    ... Liquidity Provider (``RLP'') member organization rate of $0.00. Second, for the 216 securities impacted by... Certain Volume, Liquidity and Quoting Thresholds Applicable to Billing on the Exchange in Relation to a..., liquidity and quoting thresholds applicable to billing on the Exchange in relation to a systems issue...

  20. 75 FR 21061 - Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing of Proposed Rule...

    Science.gov (United States)

    2010-04-22

    ...,'' ``floor brokers,'' and ``specialists.'' This filing would also correct certain other errors or omissions of a grammatical nature. \\4\\ See SR-CHX-2006-05 (Sept. 26, 2006) (approving rule changes in connection with adoption of Exchange's New Trading Model). In Article 1, Rule 1 (Definitions), the Exchange...

  1. 76 FR 21086 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing of Proposed Rule...

    Science.gov (United States)

    2011-04-14

    ... text of the proposed rule change is available at the Exchange, the Commission's Public Reference Room... Exchange's platform, thereby ] offering investors in such securities greater transparency and choice with... prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade...

  2. 78 FR 79044 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate...

    Science.gov (United States)

    2013-12-27

    ... the sole means of risk control. Moreover, the use of the Exchange's risk management tools will not... Effectiveness of Proposed Rule Change to Offer Risk Management Tools Designed to Allow Member Organizations to... Substance of the Proposed Rule Change The Exchange proposes to offer risk management tools designed to allow...

  3. 78 FR 51251 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate...

    Science.gov (United States)

    2013-08-20

    ... slower access to the Exchange (via handheld technology) than non-Floor brokers and are prohibited from... limit at-the-close (``LOC'') orders, (iv) revise the fees for Floor broker Discretionary e-Quotes (``d-Quotes''), and (v) revise the fees for certain other Floor broker transactions. The Exchange proposes to...

  4. 78 FR 26818 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate...

    Science.gov (United States)

    2013-05-08

    ... broker systems, but the Exchange was actively working to develop the technology to extend STP modifiers... required for the use of STP modifiers for Floor brokers. Although the technology supporting STP modifiers... develop technology to extend STP modifiers for other Floor broker systems as well. The Exchange notes that...

  5. Influence of soil C stocks and interannual climatic variability on the CO2 and CH4 exchange of maize cultivated on mineral and organic soils in NE Germany

    Science.gov (United States)

    Pohl, Madlen; Hagemann, Ulrike; Hoffmann, Mathias; Giebels, Michael; Albiac-Borraz, Elisa; Sommer, Michael; Augustin, Jürgen

    2014-05-01

    Due to its glacially influenced genesis and land use history, the soils of the Great Plain Region of NE-Germany show large differences in groundwater levels and soil carbon (C) stocks over short distances. Although generally featuring a rather dry climate, trace gas exchange at individual sites may be influenced by i) interannual climatic variability, particularly with respect to precipitation; as well as by ii) variability of soil C stocks. However, it is still unclear how these factors affect fluxes of CO2 and CH4, and if there is any positive or negative feedback on the C source or sink function of different soil types. We present measured and modeled CO2 and CH4 fluxes of minerally fertilized grain maize for three sites located near Paulinenaue, within the so-called Rhin-Havelluch, a shallow and drained paludification mire complex in NE Germany. The sites are characterized by a distinct gradient of 0-1 m soil organic C stocks: i) Arenosol (AR: mineral soil/distant groundwater; 8 000 g C m-2), ii) Gleysol (GL: organic soil/groundwater-dependent; 35 000 g C m-2), and iii) Histosol (HS: organic soil/near groundwater; 45 000 g C m-2). CO2 flux measurements of ecosystem respiration (Reco), net ecosystem exchange (NEE) and gross primary production (GPP; calculated as difference between NEE and Reco) were conducted every four weeks using a flow-through non-steady-state closed chamber system. Measurement gaps of Reco and NEE were filled by using temperature or radiation-based models, respectively. CH4 fluxes were measured bi-weekly using a static closed chamber system with interval sampling, with gap filling via linear interpolation. Cumulated fluxes of CO2-C (Reco, GPP, NEE) and CH4-C were calculated for a period of four consecutive years (2007-2010). The intensity of CO2-C fluxes increased with growing soil organic C stocks (AR years 2008-2010 for Reco ranged between 1 500 g C m-2 and 2 000 g C m-2; annual GPP fluxes ranged from -1 400 g C m-2 to -2 300 g C m-2. NEE

  6. Vilnius court approves extradition of Yukos-related banker / Milda Seputyte

    Index Scriptorium Estoniae

    Seputyte, Milda

    2005-01-01

    Vilniuse ringkonnakohus otsutas Venemaale välja anda Igor Babenko, kes oli Jukose tütarettevõtte Menatep St. Peterburg Bank'i juht. Venemaa süüdistab Babenkot panga juhtimise ajal 333 miljoni rubla omastamises. Babenko arvates on Leedu võimud temast huvitatud seotuse tõttu Jukosega

  7. Historical, Social and Aesthetical Discourse in the Architecture of Vilnius Fountains

    Directory of Open Access Journals (Sweden)

    Antanas Stančius

    2016-04-01

    Full Text Available This article attempts to review connections between Vilnius city culture and water, as an architectural mean. It aims to determine social and aesthetical aspects of water in development of Vilnius architecture in the context of cultural flux and changing urbanistic concepts. The main research methods are the interpretation of texts, historical reflection and analysis of cartographic material. In Vilnius architecture, water reflects functional principles and artistic conceptions of various historical periods. The usage of water as an aesthetic means was commenced in Renaissance Vilnius sculpture fountains. During the Soviet period, regardless of the heritage and historical traditions, geometrically developed city structure destroyed individual character and aesthetic charm. By absolutizing of geometric forms, modern urbanists deprived the city of life and individuality. Aesthetic value of water had been annulled and fountains were designed solely on the basis of technical and ideological considerations. In the discourse of modern Lithuanian urbanism, return to the aesthetic dimension of water is observed along with innovative management schemes and technologies, ecology and art. In the conclusion it is revealed, that throughout history, it has formed only weak link between water and cultural identity. This resulted, that water, as architectural tool for social influence, was used more by external forces, rather than for internal Lithuanian cultural purposes. In the meantime, the discourse is forming, which could result in future developments of the issue.

  8. Understanding enhanced tourist experiences through technology: a brief approach to the Vilnius case

    Directory of Open Access Journals (Sweden)

    Ilona Beliatskaya

    2017-11-01

    Full Text Available The present research investigates the notion of enhanced tourist experiences through technology shedding light on co-creation practices and empowerment of customers. Neuhofer and Buhalis (2013 introduced a novel concept of technology-enhanced tourist experiences by generating a joint comprehension of new era of experiences which conjoin the elements of experiences, co-creation and technology. Being one of rather promoting cities in online environment Vilnius represents an interesting case of successive adoption of smart technologies in order to enhance tourist experiences and facilitate customer empowerment in Vilnius tourism domain. This study aims to determine technology-enhanced tourist experiences in order to measure factors of customer empowerment on the example of international incoming tourists to Vilnius (Lithuania. The mix-methods approach (qualitative online content and functionality analysis and quantitative survey was justified as being the most appropriate for the purpose of this research with intention to find a basis for applying of technology-enhanced tourist experiences in Vilnius tourism marketplace. The paper concludes with the definition of current level of ICTs application to enhance tourist experience co-creation and a discussion of practical implications of technology-enhanced tourist experiences development.

  9. Lithuania's first visa from 1990 on exhibit in the Vilnius airport / Rokas M. Tracevskis

    Index Scriptorium Estoniae

    Tracevskis, Rokas M.

    2010-01-01

    The Economisti ajakirjanik Edward Lucas, kellele väljastati esimene Leedu Vabariigi viisa numbriga 0001, andis selle viisaga passi Leedu välisministeeriumi muuseumile üle. 2011. aasta jooksul eksponeeritakse seda Vilniuse lennujaamas. Edward Lucase arvamusi Leedu poliitikast

  10. Trading network predicts stock price.

    Science.gov (United States)

    Sun, Xiao-Qian; Shen, Hua-Wei; Cheng, Xue-Qi

    2014-01-16

    Stock price prediction is an important and challenging problem for studying financial markets. Existing studies are mainly based on the time series of stock price or the operation performance of listed company. In this paper, we propose to predict stock price based on investors' trading behavior. For each stock, we characterize the daily trading relationship among its investors using a trading network. We then classify the nodes of trading network into three roles according to their connectivity pattern. Strong Granger causality is found between stock price and trading relationship indices, i.e., the fraction of trading relationship among nodes with different roles. We further predict stock price by incorporating these trading relationship indices into a neural network based on time series of stock price. Experimental results on 51 stocks in two Chinese Stock Exchanges demonstrate the accuracy of stock price prediction is significantly improved by the inclusion of trading relationship indices.

  11. Investor Reaction to Market Surprises on the Istanbul Stock Exchange Investor Reaction to Market Surprises on the Istanbul Stock Exchange = İstanbul Menkul Kıymetler Borsasında Piyasa Sürprizlerine Yatırımcı Tepkisi

    Directory of Open Access Journals (Sweden)

    Yaman Ömer ERZURUMLU

    2011-08-01

    Full Text Available This paper examines the reaction of investors to the arrival of unexpected information on the Istanbul Stock Exchange. The empirical results suggest that the investor reaction following unexpected news on the ISE100 is consistent with Overreaction Hypothesis especially after unfavorable market surprises. Interestingly such pattern does not exist for ISE30 index which includes more liquid and informationally efficient securities. A possible implication of this study for investors is that employing a semi contrarian investment strategy of buying losers in ISE100 may generate superior returns. Moreover, results are supportive of the last regulation change of Capital Market Board of Turkey which mandates more disclosure regarding the trading of less liquid stocks with lower market capitalization.

  12. 77 FR 39292 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing of Proposed Rule...

    Science.gov (United States)

    2012-07-02

    ... Services) provides for ``External Telco/Inter-Cabinet Connectivity'' and includes charges corresponding... ``Telco Connectivity Expedite Fee.'' See Securities Exchange Act Release No. 62397 (June 28, 2010), 75 FR...

  13. The Influence of Profıtabılıty and Debt Ratıo Toward the Value of Stock Medıated by the Issuer’s Actıon (Empirical Study on Fishery Companies listed on the Indonesia Stock Exchange period 2008 – 2014

    Directory of Open Access Journals (Sweden)

    Tigor Sitorus

    2017-02-01

    Full Text Available This study aims to extend a model empirical research from the direct effect of the influencing of profitability and the debt ratio toward the Value of stock  to be a new model empirical research of  the mediating effect of Issuer’s action upon the influencing of profitability and debt ratio toward Value of stock. This research was conducted at the  Fishery Company listed in Indonesia Stock exchange period from  2008 to 2014. Structural Equation Model (SEM by AMOS software 22.00 was used to analyze the data, and the result shows high goodness of fit while the simultaneous and individual tests generate significant result. The result of analysis shows that: (1 the Profitability gives significantly positive influence to Issuer’s Action, (2; the Profitability gives significantly positive influence toValue of stock , (3 the Debt Ratio gives significantly negative influence to Issuer’s Action,  (4; the Debt Ratio gives significantly negative influence to  Value of stock , (5; the Issuer’s Action gives significantly  positive influence to Value of stock , therefore the mediated effect of Issuer’s Action has more strength compared to direct effect of the Profitability and the Debt Ratio toward the Value of stock, so we may conclude that the result evidently shows the Issuer’s Action was able to mediate the influence of profitability and debt ratio toward Value of stock.

  14. The Effectiveness of the Discriminant Analysis Models. Study Based on the Selected Polish Companies Quoted on the Warsaw Stock Exchange

    Directory of Open Access Journals (Sweden)

    Grzegorz Gołębiowski

    2008-07-01

    Full Text Available The article presents the result of research on en effectiveness of discriminant models on the example of selected Polish joint-stock companies which declared bankruptcy. Aside from general results describing an effectiveness of discriminant models on the base of the own research of the authors, a comparison of the received findings with others economists results of research was made. Moreover, an analysis how the relation of an enterprise with the economic situation impacts on an effectiveness of considered models concerning the forecast of a risk of bankruptcy was carried out.

  15. The Influence of R&D Policy on Performance of the Companies Listed with Bucharest Stock Exchange (through Intangible Assets

    Directory of Open Access Journals (Sweden)

    Ion Stancu

    2008-09-01

    Full Text Available In the new economy, R&D potential of the companies (reflected by intangible assets tends to make the difference between competing enterprises. Although investing in tangible assets is still viewed as important, the researchers have discovered that investors on capital market tend to buy stocks of the high-tech companies promoting a policy of increasing R&D expenditures.The results of the present study on the Romanian economy reveals the correlation between the variation of intangible assets of the chemicals and pharmaceuticals companies (high-tech and their performance – reflected by EPS and PER coefficients.

  16. A study on the effect of free cash flow and profitability current ratio on dividend payout ratio: Evidence from Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Hosein Parsian

    2014-01-01

    Full Text Available Decision making about dividend payout is one of the most important decision that companies should encounter. Identifying factors that influence dividends can help managers in making an appropriate dividend policy. In the other side, companies’ dividend payouts over time and with a stable manner may influence on stock price, future earnings growth and finally investor's evaluation about owners' equity. Hence, investigating the factors influencing dividend payout ratio is of high importance. In this research, we investigate the effects of various factors on dividend payout ratio of Tehran Stock Exchange (TSE listed companies. We use time series regression (panel data in order to test the hypothesis of this study. This study provides empirical evidences by choosing a sample of 102 companies over the time span of 2005-2010. The result shows that independent variables of free cash flow and profitability current ratio have negative and significant impact on dividend payout ratio; whereas, the independent variable of leverage ratio has a positive and significant impact on dividend payout ratio. The other independent ratio such as size of the company, growth opportunities and systematic risk do not have any significant influence on dividend payout ratio.

  17. COMPARATIVE ANALYSIS OF THE TURKISH FOOTBALL CLUB WEB SITES IN THE STOCK EXCHANGE IN ISTANBUL ON THE RELATIONSHIP BETWEEN THE COMPETITIVE INVESTORS IN THE UNITED KINGDOM

    Directory of Open Access Journals (Sweden)

    Fatih TEMİZEL

    2017-04-01

    Full Text Available Since the 1980s, the development of financial liberalization and information technologies has increased the awareness of stakeholders of companies and has enabled investor relations to reach professional dimensions. In this study, it is aimed to contribute to the development of the management of the investor relations of football clubs and to the correct pricing of market values in Stock Exchange Istanbul. For this reason, information will be given about the areas that football clubs which are public offering in Borsa İstanbul and developed markets, distinguish between their web sites and their investor relations in their web sites. When the said websites are examined, the score cards prepared by the Association of Turkish Investor will be used for club activity reports, financial results explanations and website evaluations.

  18. Using Benford’s Law to detect data error and fraud: An examination of companies listed on the Johannesburg Stock Exchange

    Directory of Open Access Journals (Sweden)

    A Saville

    2014-06-01

    Full Text Available Accounting numbers generally obey a mathematical law called Benford’s Law, and this outcome is so unexpected that manipulators of information generally fail to observe the law. Armed with this knowledge, it becomes possible to detect the occurrence of accounting data that are presented fraudulently. However, the law also allows for the possibility of detecting instances where data are presented containing errors. Given this backdrop, this paper uses data drawn from companies listed on the Johannesburg Stock Exchange to test the hypothesis that Benford’s Law can be used to identify false or fraudulent reporting of accounting data. The results support the argument that Benford’s Law can be used effectively to detect accounting error and fraud. Accordingly, the findings are of particular relevance to auditors, shareholders, financial analysts, investment managers, private investors and other users of publicly reported accounting data, such as the revenue services

  19. STUDY ON DISCLOSURE LEVEL OF COMPANIES LISTED ON THE BUCHAREST STOCK EXCHANGE IN ACCORDANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS: THE CASE OF INTANGIBLE ASSETS

    Directory of Open Access Journals (Sweden)

    CĂTĂLINA GORGAN

    2014-05-01

    Full Text Available In the context of economic globalization, the need for high quality financial information has become a desiderate. Accounting met such needs through a set of high quality standards, the International Financial Reporting Standards. Their global imposing, either through adoption or convergence, make its contribution to proper functioning of capital markets and even of the entire economy. The quality of financial reporting, however, is the result of how they are applied in each country or company. The objective of our study is to analyze the disclosure level of companies listed at Bucharest Stock Exchange (BSE in compliance with the presentation requirements of the international accounting standard IAS 38 “Intangible assets”. The empirical study revealed a significant level of non-compliance. In order to determine the degree of compliance with international accounting referential we built a disclosure index. Four hypothesis were tested in order to identify the factors that influence the disclosure level.

  20. ANALYSIS OF EFFECT OF PROFITABILITY, ASSETS STRUCTURE, SIZE OF COMPANIES, AND LIQUIDITY TO CAPITAL STRUCTURES IN MINING COMPANIES LISTED IN INDONESIA STOCK EXCHANGE PERIOD 2012 - 2015

    Directory of Open Access Journals (Sweden)

    Gatot Nazir Ahmad

    2017-09-01

    Full Text Available The purpose of this study is to analyze the effect of profitability, structure assets, firm size and liquidity to the capital structure of mining companies listed on the Indonesia Stock Exchange for the period 2012-2015. Sampling technique using purpose sampling. Data analysis technique used in this research is panel data regression. The results showed that partially profitability had negative and significant effect to capital structure, asset structure had positive and significant effect to capital structure, firm size had positive and significant effect to capital structure, and liquidity had negative and significant effect to capital structure. Simultaneously profitability, asset structure, firm size and liquidity have a significant effect on capital structure.

  1. The effect of feeding frequency, water temperature, and stocking density on the growth of river puffer Takifugu obscurus reared in a zero-exchange water system

    Directory of Open Access Journals (Sweden)

    Gwang-Yeol Yoo

    2016-07-01

    Full Text Available Abstract The effects of daily feeding frequency (Exp I, water temperature (Exp II, and stocking density (Exp III on the growth of river puffer, Takifugu obscurus, juvenile fish of 10 and 40 g in body weight were examined to develop effective techniques to produce river puffer in a non-exchange water system. In Exp I, fish were fed commercial floating feed with 45 % protein one to five times per day to apparent satiation each by hand daily for 8 weeks at 25 °C. In both the 10- and 40-g size groups, the final body weight, daily feed consumption, and weight gain of fish fed one meal per day were significantly lower than those of fish fed five meals per day (P < 0.05. However, there were no significant differences in the final body weight, daily feed consumption, and weight gain among fish fed two, three, and five meals per day. Feed efficiency showed decreasing tendency with increasing size of fish. In Exp II, fish of 10 and 40 g in initial body weight were reared with the commercial feed at 15–30 °C for 8 weeks. The weight gain of fish increased with raising water temperature up to 25 °C and decreased drastically at 30 °C for both sizes. The Q10 of specific growth rate was decreased with raising water temperature from 5.04 (temperature interval, 15–20 °C to 0.66 (25–30 °C for the 10-g fish and from 4.98 to 0.31 for the 40-g fish. In Exp III, the effect of stocking density on growth was examined with fish of 10 and 40 g in initial body weight. The final body weight for initial stocking densities of 4, 8, and 12 kg/m3 was significantly higher than that of 20 kg/m3 for the 10-g fish, and the final stocking density reached 10.1, 19.2, 28.7, and 39.9 kg/m3, respectively. For the 40-g fish, the final body weight for initial stocking densities of 3 and 6 kg/m3 was significantly higher than that of 9 and 15 kg/m3 and the final stocking density reached 7.38, 13.5, 17.1, and 27.5 kg/m3, respectively (P < 0.05. In both

  2. 78 FR 30378 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing of a Proposed Rule...

    Science.gov (United States)

    2013-05-22

    ..., it will be able to improve administrative efficiency and effectiveness by operating with a smaller... Public Reference Room. ] II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory... Commission has approved a similar change to that proposed herein to the Operating Agreement of the Exchange...

  3. 78 FR 12381 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing of Proposed Rule...

    Science.gov (United States)

    2013-02-22

    ... Brokers Internet Platform February 15, 2013. Pursuant to Section 19(b)(1) \\1\\ of the Securities Exchange... banks and brokers.\\10\\ \\7\\ See, e.g., Briefing Paper for 2007 SEC Roundtable on Proxy Voting Mechanics... efforts to suppress physical mailings are so important from a cost perspective. The cost incurred by any...

  4. 76 FR 65288 - Self-Regulatory Organizations; New York Stock Exchange, LLC; Notice of Filing of Proposed Rule...

    Science.gov (United States)

    2011-10-20

    ... the Exchange's board of directors would have its own director independence policy, instead of.... Holdco expects the Combination will create a group that will be both a world leader in derivatives and... will create a group that will be both a world leader in derivatives and risk management and the premier...

  5. 78 FR 51758 - Self-Regulatory Organizations; New York Stock Exchange LLC; NYSE MKT LLC; NYSE Arca, Inc.; Order...

    Science.gov (United States)

    2013-08-21

    ... are not expected to be any independent, non- executive directors of NYX Holdings. \\29\\ Generally, the... directors is also the chief executive officer or deputy chief executive officer, and (xv) simplifying... independence policy of the NYSE Euronext board of directors (the ``Non-Affiliated Exchange Directors'').\\42...

  6. 78 FR 13127 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate...

    Science.gov (United States)

    2013-02-26

    ... particular, the Exchange notes that the lines that support both the wired and wireless phone connections and... intermittent phone and internet service. Specifically, the wired telephone lines and internet connections for... 36.21. In addition, many of the wired telephone lines and internet connections for Floor brokers...

  7. 77 FR 66893 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate...

    Science.gov (United States)

    2012-11-07

    ... telephone and cell phone service, neither the wired or wireless telephone connections on the Trading Floor... on third-party carriers for both wired and wireless phone service ] on the Trading Floor, the... services that the Exchange depends on from third-party carriers, such as wired and wireless telephone...

  8. 77 FR 75683 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate...

    Science.gov (United States)

    2012-12-21

    ... support both the wired and wireless phone connections and internet connections for the Floor brokers are... dependent on third-party carriers for both wired and wireless phone service and internet connections on the... Exchange depends on from third-party carriers, such as wired and wireless telephone connections, are not...

  9. Stock exchange virtualisation and the decline of second tier financial centres: the cases of Amsterdam and Frankfurt

    NARCIS (Netherlands)

    Engelen, E.; Grote, M.H.

    2009-01-01

    International financial centres used to be stable economic clusters held together by the centripetal forces emanating from physical exchanges. However, given near complete ‘virtualisation’, these ‘anchors’ have gradually disappeared. As this article demonstrates, this has had telling consequences

  10. 77 FR 10586 - Self-Regulatory Organizations; New York Stock Exchange LLC; NYSE Amex LLC; Order Instituting...

    Science.gov (United States)

    2012-02-22

    ...) prohibits the rules of an exchange from being designed to permit unfair discrimination between customers... market system, protect investors and the public interest, and not permit unfair discrimination. IV... Banking, Housing & Urban Affairs, S. Rep. No. 75, 94th Cong., 1st Sess. 30 (1975). Interested persons are...

  11. 77 FR 70868 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing of Proposed Rule...

    Science.gov (United States)

    2012-11-27

    ... are disclosed between 9:00 a.m. and 5:00 p.m. EST, verbal communication should be given to the NYSE at... pursuant to Section 204.00, the company shall provide such notice through a web-based communication system... Exchange believes that this web-based communication system is generally more reliable than telegram...

  12. 76 FR 71399 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing of Proposed Rule...

    Science.gov (United States)

    2011-11-17

    ... leadership and managing trading crowd activity and promptly identifying unusual market conditions that may..., the DMM may help Floor Officials maintain order by managing trading crowd activity and facilitating... managing the auction market process at the Exchange, which includes the function of bringing buyers and...

  13. 78 FR 7824 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing of Proposed Rule...

    Science.gov (United States)

    2013-02-04

    ... Organization, provided that no change is made to the terms of the order with respect to price or side of market... benefiting from the enhanced price competition and transparency of the Program. Accordingly, the Exchange is... change would permit expanded access of retail customers to the price improvement and transparency offered...

  14. 78 FR 11928 - Self-Regulatory Organizations; New York Stock Exchange LLC; NYSE MKT LLC; Order Instituting...

    Science.gov (United States)

    2013-02-20

    ... From the Federal Register Online via the Government Publishing Office ] SECURITIES AND EXCHANGE... individual investors, because the Floor broker could trade on both sides of the market without leaving the... the NYSE specialist's book experienced greater latency than did orders handled by Floor brokers. At...

  15. 77 FR 71026 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate...

    Science.gov (United States)

    2012-11-28

    ... From the Federal Register Online via the Government Publishing Office ] SECURITIES AND EXCHANGE... that executes against the Book, both in a security priced $1 or above and in a security priced below $1... security priced below $1; and (4) no charge for an agency cross trade (i.e., a trade where a member...

  16. 78 FR 36279 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate...

    Science.gov (United States)

    2013-06-17

    ... Minimum Number of DMM Units an Issuer Must Interview From the Pool of DMM Units Eligible To Participate in... units an issuer must interview from the pool of DMM units eligible to participate in the allocation. The... principal office of the Exchange, and at the Commission's Public Reference Room. II. Self-Regulatory...

  17. 75 FR 41560 - Self-Regulatory Organizations; New York Stock Exchange LLC and NYSE Amex LLC; Notice of Filing...

    Science.gov (United States)

    2010-07-16

    ... Proposed Rule Change Relating to Technical Procedures With Respect to Comparison of Executed Transactions... as the contra party to any uncompared e- Quote transactions remaining in OCS. Each of the Exchanges... (Differences and Omissions- Cleared Transactions) and NYSE Amex Equities Rule 134 (NYSE Amex Equities...

  18. 76 FR 70795 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice and Order Granting Accelerated...

    Science.gov (United States)

    2011-11-15

    ... accounting fraud allegations that have arisen with respect to Reverse Merger companies. In its filing, the... containing audited financial statements for a full fiscal year commencing on a date after the date of filing... indeed deter corporate frauds, and (iii) the exchanges do not already have sufficient rules in place to...

  19. 76 FR 69788 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing of Rule Change...

    Science.gov (United States)

    2011-11-09

    ... Market Structure (Speech at the Economic Club of New York, Sept. 7, 2010) (available on the Commission's... discrimination by broker-dealers. Broker- dealers commonly differentiate between customers based on the nature... proposed herein by the Exchange is not designed to permit unfair discrimination, but instead to promote a...

  20. 76 FR 13251 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing of Proposed Rule...

    Science.gov (United States)

    2011-03-10

    ... its DMM. In that case, the selection is made by an Exchange Selection Panel (``ESP'') comprised of...\\ in particular in that it is designed to promote just and equitable principles of trade, to foster... when conducting their DMM activities, and the proposed amendments are consistent with Section 806.01 of...

  1. 77 FR 40133 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing of Rule Change, as...

    Science.gov (United States)

    2012-07-06

    ... At the Opening Only order types \\5\\ and replace them with Market ``On-the-Open'' (``MOO'') and Limit... variations of the Market ``At-The-Close'' (``MOC'') and Limit ``At-The- Close'' (``LOC'') order types already... Market Order \\10\\ because this order type was never implemented. The Exchange also proposes to delete the...

  2. 77 FR 43636 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate...

    Science.gov (United States)

    2012-07-25

    ... Trades data product. The text of the proposed rule change is available on the Exchange's Web site at www... at www.sec.gov/comments/34-57917/3457917-12.pdf . \\18\\ See generally Mark Hirschey, Fundamentals of... dark pools and electronic communication networks (``ECNs''). Each SRO market competes to produce...

  3. 77 FR 7628 - Self-Regulatory Organizations; New York Stock Exchange LLC; NYSE Amex LLC; Order Instituting...

    Science.gov (United States)

    2012-02-13

    ... contend that the Program would limit its sub-penny activity to sub-penny executions, and they cite to a... as practicable. \\38\\ See Exchanges' Response Letter (citing 17 CFR 242.600(b)(62)). \\39\\ Id. (citing... Identifier would affect their smart order router programming.\\48\\ Finally, one commenter suggested that FINRA...

  4. 78 FR 14378 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate...

    Science.gov (United States)

    2013-03-05

    ... privacy barriers consisting of eight foot walls which provide visual and sound insulation to reduce the...\\ Consequently, the Exchange believes that the combination of these visual and acoustical barriers, coupled with... commercial honor, to use just and equitable principles of trade, and prohibit the use of manipulative...

  5. 77 FR 62541 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing of Proposed Rule...

    Science.gov (United States)

    2012-10-15

    ... employee of a firm that is the listed company's internal or external auditor; (B) the director has an... numerical tests with respect to the factors specified in proposed Section 303A.02(a)(ii) or to adopt a... members, Rule 10C-1(b)(1)(ii) \\8\\ requires the exchanges to consider relevant factors including, but not...

  6. 76 FR 82024 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate...

    Science.gov (United States)

    2011-12-29

    ... and offer is $10.02 and $10.04 and there is ``dark'' reserve buy interest at $10.03, if the NBO... ``dark'' reserve interest priced at $10.03. \\7\\ See Securities Exchange Act Release No. 61072 (November... one method. The Commission will post all comments on the Commission's Internet Web site ( http://www...

  7. 76 FR 62122 - Self-Regulatory Organizations; New York Stock Exchange LLC; Order Approving a Proposed Rule...

    Science.gov (United States)

    2011-10-06

    ..., and the potential for unfair competitive advantage.\\16\\ Although the Commission continues to be... mitigate its concerns about potential conflicts of interest and unfair competitive advantage. In particular... Exchange to its advantage.\\15\\ \\15\\ See Notice, 76 FR at 53514. In the past, the Commission has expressed...

  8. 76 FR 77040 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate...

    Science.gov (United States)

    2011-12-09

    ...), if non-pegging interest is the setting interest, it retains its priority even if joined at that price by a pegging e- Quote.\\6\\ If, however, at the time non-pegging interest becomes the Exchange BBO, an e-Quote is pegging to such non-pegging interest, all such interest is considered to be entered...

  9. 77 FR 71658 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate...

    Science.gov (United States)

    2012-12-03

    ... Effectiveness of Proposed Rule Change Moving the Rule Text That Provides for Pegging on the Exchange From... Market Maker Interest To Be Set as Pegging Interest; (ii) Change References From National Best Bid... Protected Bid or Offer, Respectively; (iii) Permit Pegging Interest To Peg to the Opposite Side of the...

  10. 78 FR 77739 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate...

    Science.gov (United States)

    2013-12-24

    ... that User (``dedicated cabinet''). The Exchange proposes to expand its co-location services to offer a... Effectiveness of Proposed Rule Change to Offer Partial Cabinets and Cabinet Upgrades as Part of its Co-location... cabinets and cabinet upgrades as part of its co-location services and to amend its Price List to reflect...

  11. 77 FR 68188 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing of Proposed Rule...

    Science.gov (United States)

    2012-11-15

    ... opportunities for Floor brokers to engage in manual transactions. \\14\\ See Technology squeezes out real, live... restrictions on the ability of a Floor broker to engage in intra-day trading.\\4\\ \\4\\ The Exchange notes that... Rule 95(c) provides that: If a Floor broker acquires a position for an account during a particular...

  12. 76 FR 59476 - Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; Notice of Filing of Proposed Rule...

    Science.gov (United States)

    2011-09-26

    ... technology services to Institutional Brokers without separate charges in order to facilitate their... Change To Change the Status of Exchange-Registered Institutional Broker Firms September 19, 2011...-registered Institutional Broker firms to clarify their status. The text of this proposed rule change is...

  13. 78 FR 43947 - Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate...

    Science.gov (United States)

    2013-07-22

    ... Market Maker Transactions and Revise the Annual Trading License Fees July 16, 2013. Pursuant to Section... certain Designated Market Maker (``DMM'') transactions and revise the annual trading license fees. The.... Purpose The Exchange proposes to amend its Price List to revise the credits for certain DMM transactions...

  14. Inappropriate habits of antibiotic use among medical specialists and students in Vilnius

    OpenAIRE

    Barkus, Art?ras; Lisauskien?, Ingrida

    2016-01-01

    Introduction. The resistance to antibacterial drugs is an emerging worldwide problem. Numbers of inappropriate ways to use antibiotics contribute to this issue. Self-medication is one of them. This study seeks to find out how prevalent the self-medication with antibiotics, their storage at home and the inappropriate acquisition of antibacterial drugs are among medical specialists in Vilnius, Lithuania. Methods. A cross-sectional survey was conducted. To better identify the potential target gr...

  15. Incidence and direct hospitalisation costs of hip fractures in Vilnius, capital of Lithuania, in 2010

    Directory of Open Access Journals (Sweden)

    Tamulaitiene Marija

    2012-07-01

    Full Text Available Abstract Background Few epidemiological data on hip fractures were previously available in Lithuania. The aim of this study was to estimate the incidence and hospital costs of hip fractures in Vilnius in 2010. Methods Data were collected from the medical charts of all patients admitted to hospitals in Vilnius (population, 548,835 due to new low-energy trauma hip fracture, during 2010. The estimated costs included ambulance transportation and continuous hospitalisation immediately after a fracture, which are covered by the Lithuanian healthcare system. Results The incidence of new low-energy trauma hip fractures was 252 (308 women and 160 men per 100,000 inhabitants of Vilnius aged 50-years or more. There was an exponential increase in the incidence with increasing age. The overall estimated cost of hip fractures in Vilnius was 1,114,292 EUR for the year 2010. The greatest part of the expenditure was accounted for by fractures in individuals aged 65-years and over. The mean cost per case was 2,526.74 EUR, and cost varied depending on the treatment type. Hip replacement did not affect the overall mean costs of hip fracture. The majority of costs were incurred for acute (53% and long-term care (35% hospital stays, while medical rehabilitation accounted for only 12% of the overall cost. The costs of hip fracture were somewhat lower than those found in other European countries. Conclusion The data on incidence and costs of hip fractures will help to assess the importance of interventions to reduce the number of fractures and associated costs.

  16. Comparable stocks, boundedly rational stock markets and IPO entry rates.

    Directory of Open Access Journals (Sweden)

    Jay Chok

    Full Text Available In this study, we examine how initial public offerings (IPO entry rates are affected when stock markets are boundedly rational and IPO firms infer information from their counterparts in the market. We hypothesize a curvilinear relationship between the number of comparable stocks and initial public offerings (IPO entry rates into the NASDAQ Stock Exchange. Furthermore, we argue that trading volume and changes in stock returns partially mediates the relationship between the number of comparable stocks and IPO entry rates. The statistical evidence provides strong support for the hypotheses.

  17. Urban land use in Natura 2000 surrounding areas in Vilnius Region, Lithuania.

    Science.gov (United States)

    Pereira, Paulo; Misiūnė, Ieva; Depellegrin, Daniel

    2015-04-01

    Urban development is one of the major causes of land degradation and pressure on protected areas. (Hansen and DeFries, 2007; Salvati and Sabbi, 2011). The urban areas in the fringe of the protected areas are a source of pollutants considered a negative disturbance to the ecosystems services and biodiversity within the protected areas. The distance between urban and protected areas is decreasing and in the future it is estimated that 88% of the world protected areas will be affected by urban growth (McDonald et al., 2008). The surrounding or buffer areas, are lands adjacent to the Natura 2000 territories, which aim to reduce the human influence within the protected areas. Presently there is no common definition of buffer area it is not clear among stakeholders (Van Dasselaar, 2013). The objective of this work is to identify the urban land use in the Natura 2000 areas in Vilnius region, Lithuania. Data from Natura 2000 areas and urban land use (Corine Land Cover 2006) in Vilnius region were collected in the European Environmental Agency website (http://www.eea.europa.eu/). In the surroundings of each Natura 2000 site, we identified the urban land use at the distances of 500, 1000 and 1500 m. The Natura 2000 sites and the urban areas occupied a total of 13.2% and 3.4% of Vilnius region, respectively. However, the urban areas are very dispersed in the territory, especially in the surroundings of Vilnius, which since the end of the XX century is growing (Pereira et al., 2014). This can represent a major threat to Natura 2000 areas ecosystem services quality and biodiversity. Overall, urban areas occupied approximately 50 km2, in the buffer area of 500 m, 95 km2 in buffer area of 1000 m and 131 km2 in the buffer area of 1500 km2. This shows that Natura 2000 surrounding areas in Vilnius region are subjected to a high urban pressure. This is especially evident in the Vilnius city and is a consequence of the uncontrolled urban development. The lack of a clear legislation

  18. 17 CFR 240.15g-2 - Penny stock disclosure document relating to the penny stock market.

    Science.gov (United States)

    2010-04-01

    ... 17 Commodity and Securities Exchanges 3 2010-04-01 2010-04-01 false Penny stock disclosure document relating to the penny stock market. 240.15g-2 Section 240.15g-2 Commodity and Securities Exchanges... Section 15(d) of the Act § 240.15g-2 Penny stock disclosure document relating to the penny stock market...

  19. [The Distribution of Pediculus humanus capitis Among Primary School Pupils of the Turkish Chamber of Commerce and Stock Exchange Organisation in Van].

    Science.gov (United States)

    Karaaslan, Selver; Yılmaz, Hasan

    2015-03-01

    This study was performed in order to study the prevalence of Pediculus humanus capitis (P. h. capitis). The study was carried out on pupils between 5-15 years old in a school and kindergarden belonging to the Turkish Chamber of Commerce and Stock Exchange Organization in Van City between November-December 2007. The hair of 863 pupils (especially the neck and the back of head areas), 385 girls and 478 boys, were examined for eggs, nymphs and adults of P. h. capitis. A questionnaire was given to the pupils, which was collected the following day. Lice and their eggs/nits, which were removed from the head of children were transferred to a bottle containing 5% glycerin in 70% ethyl alcohol. Later they were sent to the Parasitology Laboratory of the Health Research and Training Hospital of Yüzüncü Yıl University. Eggs/nits were found in 164 (42.6%) of the girls and in 34 (7.1%) of the boys (overall 198 (22.9%) infested pupils). The prevalence of P. h. capitis was high, especially in girls. The infestation rates observed and the evaluation of the questionnaire showed that there is a statistically significant relationships between pediculosis capitis and sex, level of family income, education level of the mother, number of baths taken per weekly, number of family members living in the same home, room number per capita, and hair length (p0.05).

  20. The impact of corporate diversification on firm value using entropy and herfindel indices for the companies listed in tehran stock exchange

    Directory of Open Access Journals (Sweden)

    Keramatollah Heydari Rostami

    2017-07-01

    Full Text Available There are a variety of different business activities. Some companies have lack of diversity but others are diversified. One of the most important parameters for evaluation for choosing company for investing is company’s value. Therefore, this article investigates the effect of diversify by both indices of entropy and Herfindel on firm value for the companies listed in Tehran Stock Exchange. The effect of diversification on firm value is tested for the period of 2006 to 2014 for 88 companies. The target population for the period for investigation is chosen by using Cochrane method and systematic elimination method. Panel analysis is used for hypothesis testing, estimating procedures and testing model assumptions. Results show that there is not significant linear and non-linear relationship between the two variables of entropy index of business diversification and firm value but there is a significant negative relationship between the two variables of Herfindel index of business diversification and firm value. Results show a U-shaped relationship between these variables and the dependent variable.

  1. The effects of performance criteria including accounting, market, and economy on the quality of financial reporting: A case study on Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Mohammad Mahdi Hosseini

    2013-01-01

    Full Text Available This research studies the effects of performance criteria (accounting, market and economy on the quality of financial reporting in Iran. To evaluate the variable financial reporting quality, the scores given to each company are applied based on the checklist introduced by Iranian Association of Certified Public Accountants and used for the disclosure of the information of the annual financial statements of companies. The statistical population of this research consists of the companies listed on Tehran Stock Exchange over the period 2006-2011. This research, which is classified as applied research, uses the methods of multivariate regression test. The data and hypotheses of this research are analyzed and tested using correlation test and means difference test. The results of the tests conducted on 99 companies indicate that there is a significant and positive relation between the rate of return on equity and the equality of financial reporting. There is also a significant and positive relation between earnings per share and the equality of financial reporting. However, there is no relationship between QTOBIN and the equality of financial reporting. Finally, our results indicate there is a significant and positive relation between market value-added and the equality of financial reporting.

  2. THE INFLUENCE OF PROFITABILITY, LIQUIDITY, AND DEBT TO THE DIVIDEND PAYOUT RATIO IN MANUFACTURING COMPANY (LISTED IN INDONESIAN STOCK EXCHANGE FROM 2008-2010

    Directory of Open Access Journals (Sweden)

    Putri Kartika Sari

    2015-11-01

    Full Text Available AbstractThis research analyzes the influence of profitability, liquidity, and debt to dividend payout ratio in manufacturing companies in Indonesia. The samples consist of 102 companies listed in Indonesian Stock Exchange during the period of 2008-2010. This research tests three hypotheses related to the influence of profitability, liquidity, and debt toward the dividend payout ratio (DPR. Data obtained were analyzed by using multiple regression analysis. The results of this research indicate that: (1 profitability ratio (ROI has positively significant influence to dividend payout ratio. (2 Liquidity ratio (QR does not significantly influence to dividend payout ratio. (3 Debt ratio (DER does not significantly influence to dividend payout ratio.Keywords: profitability, liquidity, debt, Dividend Payout Ratio (DPR, manufacturing company.AbstrakPenelitian ini bertujuan untuk menganalisis pengaruh profitabilitas, likuiditas, dan utang terhadap rasio pembayaran dividen dalam perusahaan-perusahaan manufaktur di Indonesia. Sampel terdiri dari 102 perusahaan yang terdaftar di Bursa saham Indonesia selama periode tahun 2008-2010. Penelitian ini menguji tiga hipotesa yang berkaitan dengan pengaruh profitabilitas, likuiditas, dan utang terhadap rasio pembayaran dividen (DPR. Data yang diperoleh dianalisis dengan menggunakan analisis regresi. Hasil dari penelitian ini menunjukkan bahwa: (1 profitabilitas rasio (ROI memiliki pengaruh positif dan signifikan terhadap rasio pembayaran dividen. (2 rasio likuiditas (QR tidak berpengaruh terhadap rasio pembayaran dividen. (3 Rasio hutang (DER tidak berpengaruh atas rasio pembayaran dividen.Kata kunci: profitabilitas, likuiditas, utang, rasio pembayaran dividen (DPR, manufaktur perusahaan.

  3. Efficiency of S&P CNX Nifty Index Option of the National Stock Exchange (NSE, India, using Box Spread Arbitrage Strategy

    Directory of Open Access Journals (Sweden)

    G. P. Girish

    2014-09-01

    Full Text Available Box spread is a trading strategy in which one simultaneously buys and sells options having the same underlying asset and time to expiration, but different exercise prices. This study examined the efficiency of European style S&P CNX Nifty Index options of National Stock Exchange, (NSE India by making use of high-frequency data on put and call options written on Nifty (Time-stamped transactions data for the time period between 1st January 2002 and 31st December 2005 using box-spread arbitrage strategy. The advantages of box-spreads include reduced joint hypothesis problem since there is no consideration of pricing model or market equilibrium, no consideration of inter-market non-synchronicity since trading box spreads involve only one market, computational simplicity with less chances of mis-specification error, estimation error and the fact that buying and selling box spreads more or less replicates risk-free lending and borrowing. One thousand three hundreds and fifty eight exercisable box-spreads were found for the time period considered of which 78 Box spreads were found to be profitable after incorporating transaction costs (32 profitable box spreads were identified for the year 2002, 19 in 2003, 14 in 2004 and 13 in 2005 The results of our study suggest that internal option market efficiency has improved over the years for S&P CNX Nifty Index options of NSE India.

  4. DOES WTI OIL PRICE RETURNS VOLATILITY SPILLOVER TO THE EXCHANGE RATE AND STOCK INDEX IN THE US?

    Directory of Open Access Journals (Sweden)

    Ching-Chun Wei

    2014-04-01

    Full Text Available The purpose of this paper is to examine whether the volatility of the West Texas Intermediate oil spot returns (WTIR is affected by the Texas Light Sweet oil futures returns (FUR, the exchange rate returns between the US dollar and the Euro (ERR, and the S&P 500 energy index returns (EIR, and if any of those have changed over time. The daily data of the WTIR, the FUR, the ERR, and the EIR between the period of January 4, 2000 and September 30, 2009, were utilized. The empirical results of the multivariate GARCH of the BEKK model indicated that the WTIR is significantly affected by its own past volatility, and by the volatility of FUR, ERR, and EIR. Most likely, WTIR employs a structural conversion in our dummy variable for selected time points. This suggests that investors could use the FUR’s past volatility as a basis for WTIR purchase. In addition, the changes in ERR’s and EIR’s past volatility can be partially used as a basis for the same purpose.

  5. Influence Analysis of Return on Assets (ROA), Return on Equity (ROE), Net Profit Margin (NPM), Debt To Equity Ratio (DER), and current ratio (CR), Against Corporate Profit Growth In Automotive In Indonesia Stock Exchange

    OpenAIRE

    Mohd. Heikal; Muammar Khaddafi; Ainatul Ummah

    2014-01-01

    The purpose of this research to analyze the effect of Return On Asset, Return On Equity, Net Profit Margin, Debt To Equity Ratio and Current Ratio toward growth income either simultaneously or partially on automotive companies that were listed in Indonesia stock exchange. Independent variables used in this research were Return On Asset, Return On Equity, Net Profit Margin, Debt To Equity Ratio and Current Ratio and dependent variable in this research was growth incom. The data used in this re...

  6. Combined heat and power plants evaluation: Lithuania State Power System, Vilnius, Lithuania. Export trade information

    Energy Technology Data Exchange (ETDEWEB)

    1993-11-01

    The report, written by Stone and Webster Engineering Corporation, was funded by the U.S. Trade and Development Agency on behalf of the Lithuania State Power System (LSPS). It is an evaluation of the Vilnius, Kaunas, Klaipeda, and Mazaikai Heating and Power Plants. The study addresses serious operating and maintenance concerns and includes a list of recommendations based on discussions with LSPS plant personnel and direct observations by engineers. The volume focuses on potential improvement project implementation schedules, technical details, cost estimates and economic justification for the recommended modifications.

  7. CCD photometry in the Vilnius photometric systems. II. Analysis of a region in Lyra

    Energy Technology Data Exchange (ETDEWEB)

    Smriglio, F.; Dasgupta, A.K. (Rome Univ. (IT). Ist. Astronomico); Nandy, K. (Royal Observatory, Edinburgh (UK)); Boyle, R.P. (Vatican Observatory, Rome (IT)); Straizys, V.; Janulis, R. (AN Litovskoj SSR, Vilnius (SU). Inst. Fiziki)

    1991-04-01

    Two-dimensional classification of 216 stars down to 17 mag based on their seven color photoelectric and CCD photometry in the Vilnius system is presented. Except for normal stars, several subdwarfs, metal-deficient giants, and stars of other peculiarities are suspected. Interstellar extinction is determined for normal stars in two areas north and south of globular cluster M56, as well as for a 1 square degree area around M56. The mean value of A{sub v} outside the galactic dust layer is {similar to} 0.75 mag.

  8. Occupational safety and health aspects of corporate social responsibility (CSR) in Japanese companies listed on the Tokyo Stock Exchange (TSE) first section.

    Science.gov (United States)

    Kawashita, Futoshi; Taniyama, Yukari; Hwi, Song You; Fujisaki, Takeshi; Kameda, Takashi; Mori, Koji

    2005-11-01

    Recently, corporate social responsibility (CSR) is becoming widely recognized as an issue for Japanese companies. Corporate responsibility for employees is considered important by various stakeholders, and occupational safety and health is regarded as one of these responsibilities. The present authors examined this issue from the viewpoint of corporate management by analysis of statements found in CSR-related reports. For companies listed on the First Section of the Tokyo Stock Exchange (TSE), we searched for CSR-related reports, and titles and contents, based on two established guidelines: the GRI Sustainability Reporting Guidelines 2002 as the international reference and the Environmental Reporting Guidelines of the Ministry of the Environment, Government of Japan, as the domestic reference. Corporations that published CSR reports were 26.3% (416/1,581) of the total, and large differences were recognized by type of industry. Comparing the numbers of pages for various contents, more concern was shown about the environment than about social activity, indicating the environment to be the main issue of CSR in Japan. In the items included in the guidelines, many matters about occupational accidents were mentioned, but it was found that statements regarding HIV/AIDS, which is not of such strong social concern in Japan, and statements regarding the costs of safety that are difficult to calculate were few. However, statements regarding mental health, which is of high interest socially, were many, even though this issue is not included in the two guidelines used. In revising the guidelines, these matters should be reviewed. In the future, continuance of analysis of CSR-related reports with regard to changes and comparisons with overseas reports will help improve occupational safety and health.

  9. IMPACT OF CAPITAL STRUCTURE POLICY ON VALUE OF THE FIRM – A STUDY ON SOME SELECTED CORPORATE MANUFACTURING FIRMS UNDER DHAKA STOCK EXCHANGE

    Directory of Open Access Journals (Sweden)

    Jahirul HOQUE

    2014-07-01

    Full Text Available The study is about capital structure policy and its impacts on value of the firm. The outcome of this study was both the primary and secondary data. The study was based on opinions survey of 80 respondents of the 20 manufacturing corporate firms, enlisted under Dhaka Stock Exchange. The empirical analysis of the study was limited to a period of five years ranging 2008-2012. The major findings of the study are: (i the most important determinant of capital structure policy as rated by the respondents have been financial risk , profitability, availability of fund, productivity, liquidity, operating risk, growth rate, proper timing, corporate tax, stability of sales/ investment etc, (ii the study reveals that in terms of the average positions of capital structure and financial structure during 2008-2012, Beximco pharma has ranked first followed by Square pharma, Apex Adelchi, DESCO, ACI ltd, Titas gas, Bata shoe,Aftab automobile, Reneata pharma, Square textile ltd etc,(iii as regards the value of the firm during the study period, Titas gas has obtained first rank followed by Square pharma, DESCO, Beximco pharma, BATBC, ACI, Reneta pharma, Apex Tennary, Apex Adelchi, Bata shoe and so on.(iv this study has portrayed that the independent variables namely capital structure (CS, debt to equity (DER & debt to asset (DR, fixed assets to total assets(Tangibility, earnings before interest and taxes to interest charges(ICR, financial leverage multiplier(FLM have influenced value of the firm(VF to the extent of 79.1 percent significantly. Therefore, it is recommended that the relevant firm’s authority should take proper measures in order to improve the independent variables having positive influence on value of the firms.

  10. Stock Status

    Data.gov (United States)

    National Oceanic and Atmospheric Administration, Department of Commerce — These data inform the public of the most recent stock status for all stocks (FSSI and non-FSSI) in the fishery management unit contained in a fishery managment plan....

  11. History of the Botanic Garden of the Stefan Batory University in Vilna (Vilnius (1919–1939 (in Polish

    Directory of Open Access Journals (Sweden)

    Alicja Zemanek

    2016-11-01

    , additionally – in the 1920s – the arboretum, as well as sections of aquatic and bog plants. A glasshouse was erected in 1926–1929 to provide room for plants of warm and tropical zones. The groups representing the various types of vegetation illustrated the progress in ecology and phytosociology in the science of the period (e.g. in the ecology section, the Raunkiaer’s life forms were presented. The number of species grown increased over time, from 1,347 in 1923/1924 to approx. 2,800 in 1936/1937. Difficult weather conditions – the severe winter of 1928 as well as the snowless winter and the dry summer of 1933/34 contributed to the reduction of the collections. The ground collections, destroyed by flood in spring of 1931, were restored in subsequent years. Initially, the source of plant material was the wild plant species collected during field trips. Many specimens were also obtained from other botanical gardens, such as Warsaw and Cracow (Kraków. Beginning from 1923, printed catalogues of seeds offered for exchange were published (cf. the list on p. ... . Owing to that, the Garden began to participate in the national and international plant exchange networks. From its inception, the collection of the Garden was used for teaching purposes, primarily to the students of the University, as well as for the botanical education of schoolchildren and the general public, particularly of the residents of Vilna. Scientific experiments on phytopathology were conducted on the Garden’s plots. After Vilna was incorporated into Lithuania in October 1939, the Lithuanian authorities shut down the Stefan Batory University, thus ending the history of the Polish Botanic Garden. Its area is now one of the sections of the Vilnius University Botanic Garden (“Vingis” section – Vilniaus universiteto botanikos sodas. In 1964, its area was extended to 7.35 hectares. In 1974, after establishing the new Botanic Garden in Kairenai to the east of Vilnius, the old Garden lost its

  12. Collective behavior of stock price movements in an emerging market

    OpenAIRE

    Pan, Raj Kumar; Sinha, Sitabhra

    2007-01-01

    To investigate the universality of the structure of interactions in different markets, we analyze the cross-correlation matrix C of stock price fluctuations in the National Stock Exchange (NSE) of India. We find that this emerging market exhibits strong correlations in the movement of stock prices compared to developed markets, such as the New York Stock Exchange (NYSE). This is shown to be due to the dominant influence of a common market mode on the stock prices. By comparison, interactions ...

  13. Urban background levels of particle number concentration and sources in Vilnius, Lithuania

    Science.gov (United States)

    Byčenkienė, Steigvilė; Plauškaitė, Kristina; Dudoitis, Vadimas; Ulevicius, Vidmantas

    2014-06-01

    This study presents results of research on urban aerosol particles with a focus on the aerosol particle number concentration (PNC) and the particle size distribution. The real time measurements of aerosol PNC (> 4.5 nm) and number size distributions (9-840 nm) were performed. The seasonal variations essentially comprised the minimum monthly mean in October 2010 (3400 ± 3000 cm- 3) and the maximum in April 2011 (19,000 ± 15,000 cm- 3). The mean annual PNC was 10,000 ± 8000 cm- 3 with an average mode size of 30-50 nm. The presence of strong diurnal patterns in aerosol PNC was evident as a direct effect of three sources of aerosol particles (nucleation, traffic, and residential heating). Hybrid receptor modeling potential source contribution function (PSCF) and concentration weighted trajectory (CWT) were used by incorporating 72-h backward trajectories and measurements of PNC in Vilnius. The results of trajectory clustering and the PSCF method demonstrated that possible additional source areas contributing to the elevated particle number concentration in Vilnius could be industrial areas in central Europe. Principal component analysis (PCA) revealed highest loadings for PNC, PM10, NOx, NO, NO2 and SO2 concentrations, indicating combustion processes occurring in vehicle engines and use of sulfur-containing fossil fuels for residential heating.

  14. Non-controlling interests, financial performance and the equity of groups. An empirical study of groups listed on the Warsaw Stock Exchange 

    Directory of Open Access Journals (Sweden)

    Radosław Ignatowski

    2015-11-01

    Full Text Available The purpose of this article is to (a analyze IFRS requirements for the recognition and presentation of non-controlling (minority interests in consolidated financial statements in relation to theoretical concepts of consolidation of financial statements, and (b assess the share and importance of non-controlling inter-ests in financial performance and the equity of the groups of companies in practice. For the purpose of the article, selected scientific methods have been used, including: descriptive and analytical ones (for analyzing the theoretical concepts and IFRS requirements, critical analysis, especial-ly used for the literature review, and for the assessment of practice: primary empirical research methods, and quantitative methods, including descriptive statistics, nonparametric tests and correlation analysis. The empirical material collected was used to verify several hypotheses related to non-controlling interests of the groups whose parents are registered in Poland and whose securities are traded on a regulated, Polish capital market (Warsaw Stock Exchange. The empirical evidence is that non-controlling interests represent a very small part of group’s equity (taking the mean of about 3.5%, but the median below 1% and obviously, they are significantly lower than the share of majority interests. Their deviation among the different classes of companies (big, small and banks is negligible. Slightly higher is the share of minority interests in the group’s net profit and total comprehensive income. However, no significant difference is to be found between the shares of non-controlling interests in the group’s equity, net profit and total comprehensive income. Overall, shares of majority (minority interests in a group’s income are in line with their shares in the group’s equity. The hypothesis on comparable returns on non-controlling and majority interests (in terms of ROE cannot be rejected if both net profit and losses are considered

  15. Non-controlling interests, financial performance and the equity of groups. An empirical study of groups listed on the Warsaw Stock Exchange

    Directory of Open Access Journals (Sweden)

    Radosław Ignatowski

    2015-09-01

    Full Text Available The purpose of this article is to (a analyze IFRS requirements for the recognition and presentation of non-controlling (minority interests in consolidated financial statements in relation to theoretical concepts of consolidation of financial statements, and (b assess the share and importance of non-controlling inter-ests in financial performance and the equity of the groups of companies in practice.For the purpose of the article, selected scientific methods have been used, including: descriptive and analytical ones (for analyzing the theoretical concepts and IFRS requirements, critical analysis, especial-ly used for the literature review, and for the assessment of practice: primary empirical research methods, and quantitative methods, including descriptive statistics, nonparametric tests and correlation analysis. The empirical material collected was used to verify several hypotheses related to non-controlling interests of the groups whose parents are registered in Poland and whose securities are traded on a regulated, Polish capital market (Warsaw Stock Exchange. The empirical evidence is that non-controlling interests represent a very small part of group’s equity (taking the mean of about 3.5%, but the median below 1% and obviously, they are significantly lower than the share of majority interests. Their deviation among the different classes of companies (big, small and banks is negligible. Slightly higher is the share of minority interests in the group’s net profit and total comprehensive income. However, no significant difference is to be found between the shares of non-controlling interests in the group’s equity, net profit and total comprehensive income. Overall, shares of majority (minority interests in a group’s income are in line with their shares in the group’s equity. The hypothesis on comparable returns on non-controlling and majority interests (in terms of ROE cannot be rejected if both net profit and losses are considered

  16. The Difference Between Stock Splits and Stock Dividends - Evidence from Denmark

    DEFF Research Database (Denmark)

    Raaballe, Johannes; Bechmann, Ken L.

    2007-01-01

    This paper investigates stock dividends and stock splits on the Copenhagen Stock Exchange (CSE), which is of interest because several of the more recent explanations for a stock market reaction can be ruled out. The main findings are that the announcement effect of stock dividends as well as stock...... a retained earnings/signaling hypothesis. For stock splits, no separate announcement effect was found when a firm's payout policy was controlled for. This lends support to the idea that a stock split per se is a cosmetic event on the CSE and is also consistent with the fact that making a stock split...... to a significant announcement effect of 4.23%. Firms announcing a stock dividend with a split factor of two or more also increase total cash dividends permanently, but less than proportionally to the increase in share capital. This leads to an insignificant announcement effect of 0.08%. These findings support...

  17. The Stock Market Game: A Simulation of Stock Market Trading. Grades 5-8.

    Science.gov (United States)

    Draze, Dianne

    This guide to a unit on a simulation game about the stock market contains an instructional text and two separate simulations. Through directed lessons and reproducible worksheets, the unit teaches students about business ownership, stock exchanges, benchmarks, commissions, why prices change, the logistics of buying and selling stocks, and how to…

  18. Mathematical Estimation of Mobility of Peasants in Vilnius Governorate in the 19th Century

    Directory of Open Access Journals (Sweden)

    Kanišauskas Vaidotas

    2016-12-01

    Full Text Available The article deals with the problem of local mobility of peasants in Vilnius Governorate in the nineteenth century. To solve the problem, statistical-demographical data from the “Memory Books” permanently issued by the Tsarist Russian government was used. Pure demographic data brings little information, unless it is properly mathematically processed. Such processing leads to the discovering of new proportions concerning inhabitants, villages and farmsteads. Such proportions are related to the administrative territorial unit under investigation and show how many people reside in a farmstead and how many farmsteads are comprised in a village. In the course of time, numbers of villages and farmsteads change, and these numbers show the numbers of people taking part in local mobility of inhabitants. The higher are changes in villages and farmsteads, the higher is mobility of inhabitants.

  19. MANAGING CHANGE IN ACADEMIC LIBRARY: THE CASE OF VILNIUS UNIVERSITY LIBRARY

    Directory of Open Access Journals (Sweden)

    Marija Prokopčik

    2014-04-01

    Full Text Available ABSTRACTPurpose: The main objective of this article is to ascertain some most significant fields of the academic library activities, which have (or could have an impact on strengthening the library’s role as a partner in academic community, as well as to perform assessment of Vilnius University Library (thereinafter VUL capacities in order to see what kind of current or future activities performed by the library may contribute to the building-up of such role in Vilnius University (thereinafter VU community.Methodology/approach: Analysis of LIS professional literature of the latter five years reveals the key trends in development of academic libraries, their innovative change and challenges – partnerships of open access, managing of research data; research support; research assessment, Library scientific research, as well as allows to perform situation analysis of one particular library in order to see if and at what scale these identified trends can be traced in VUL.Results: It was established that VUL contributes to the idea and practical implementation of open access, collaborates with VU and Lithuania’s academic community in the projects of research data management, takes an active part in carrying out bibliometric research, helps to form a range of research support services, promotes the Library’s scholarly research and contributes to formation of the institution’s research potential.Research limitation: This article focuses on analysis of one academic library (VUL and its activities. Such issues like studies support, library as a space for communication, professional assistance in research events organization, improvement of information and media literacy were deliberately not covered.Originality/practical implications: Identification of common trends and measures of their practical implementation in one particular institution may be useful for other libraries planning the strategy of change and (or implementing selected solutions.

  20. Profitability of Contrarian Strategies in the Chinese Stock Market: e0137892

    National Research Council Canada - National Science Library

    Huai-Long Shi; Zhi-Qiang Jiang; Wei-Xing Zhou

    2015-01-01

      This paper reexamines the profitability of loser, winner and contrarian portfolios in the Chinese stock market using monthly data of all stocks traded on the Shanghai Stock Exchange and Shenzhen...

  1. Effects of forest management and climate change on energy biomass and timber production with implications for carbon stocks and net CO{sub 2} exchange in boreal forest ecosystems

    Energy Technology Data Exchange (ETDEWEB)

    Alam, A.

    2011-07-01

    The aim of this work was to investigate the effects of forest management and climate change on energy biomass (wood) and timber production with implications for carbon stocks and net CO{sub 2} exchange in boreal forest ecosystems in Finland. First, the impacts of thinning on growth, timber production and carbon stocks under the current and changing climate were analysed by employing an ecosystem model for the whole of Finland over a 90-year period (Article 1). Concurrently, the potential of energy biomass production with implications for timber production and carbon stocks under varying thinning and climate scenarios was studied (Article 2). Thereafter, a life cycle assessment (LCA) tool for estimating net CO{sub 2} exchange of forest production was developed (Article 3), and it was applied in interaction with ecosystem model based simulations to study the impacts of different management regimes (initial stand density and thinning regimes) on energy biomass production and related CO{sub 2} emissions at a stand level with a rotation length of 80 years (Articles 3 and 4). The results showed that the climate change increased the production potential of energy biomass and timber, and carbon sequestration and stocks over the whole of Finland, but, in a relative sense more in northern than southern Finland (Articles 1 and 2). Decreasing basal area based thinning thresholds compared to the currently recommended ones, increased the harvesting of the annual average amount of timber compared to the annual average growth of stem wood, and reduced carbon stocks in the forest ecosystems (Article 1). On the other hand, the use of increased basal area thinning thresholds concurrently increased energy biomass and timber production, and carbon stocks in the forest ecosystem regardless of climate applied (Article 2). The development of the LCA tool made it also possible to estimate the net carbon exchange of the forest production (Article 3). Based on the use of the LCA tool with

  2. [GEOLOGICAL OVERVIEW OF THE VILNIUS REGION BY J. E. GILIBERT (1741-1814), THE FIRST PROFESSOR OF NATURAL HISTORY AT THE UNIVERSITY OF VILNIUS].

    Science.gov (United States)

    Tarkowski, Radosław

    2015-01-01

    In 1775-1783, Jean-Emmanuel Gilibert (1741-1814) stayed in Respublica Poloniae to oranize a veterinary school, the Royal Botanic Garden and the Royal School of Physicians in Grodno, and since 1781 he worked in Vilnius as Professor of Natural History at the Principal School of the Grand Duchy of Lithuania. Little is known about his work conducted in Lithuania in the field of geology and earth sciences. The author has decided, on the basis of Gilibert's publications and analysis of the literature (works of J. Garbowska and P. Daszkiewicz and others), to present his teaching and research activities in this field. In Grodno, Gilibert looked after and multiplied the collections of the natural history cabinet at the Royal School of Physicians, renowned for its rich mineralogical and fossil collections watched and admired by, among others, King Stanisław August, J. Bernoulli (1744-1807) and M. Patrin (1742-1815) who mentions the amber rosary with a different species of insects preserved in each bead. Gilibert's tours around Lithuania were the opportunity to enlarge the geological collections and to adapt them to the needs of the school. He also appreciated the importance of ordinary specimens representing the geology of the area. These specimens not only enriched the natural history cabinet, but also defined the way of working and collecting. Ha was the first to found and gather fossil animals from near Grodno. The signs of mineralogical and geological interests of Gilibert can be found in the works of other authors of that epoch (L. Viteta (1736-1809) and J. Bernoulli). In Vilnius, Gilibert conducted a one year-long full lecture on natural history (zoology, botany and mineralogy). In his lectures on mineralogy, he presented not only the systematics, but also emphasized the usefulness of minerals in medicine, for the production of ornamental items and in different sectors of the economy. He adapted the process of teaching to the needs of practical life, based on

  3. Market Reactions to Publicly Announced Privacy and Security Breaches Suffered by Companies Listed on the United States Stock Exchanges: A Comparative Empirical Investigation

    Science.gov (United States)

    Coronado, Adolfo S.

    2012-01-01

    Using a sample of security and privacy breaches the present research examines the comparative announcement impact between the two types of events. The first part of the dissertation analyzes the impact of publicly announced security and privacy breaches on abnormal stock returns, the change in firm risk, and abnormal trading volume are measured.…

  4. Realization of the Vilnius photometric system for CCD-observations of selected sky areas at the Andrushivka Astronomical Observatory

    Science.gov (United States)

    Andruk, V.; Butenko, G.; Gerashchenko, O.; Ivashchenko, Yu.; Kovalchuk, G.; Lokot', V.; Samoylov, V.

    2005-06-01

    We describe a set of glass UPXYZVS filters of the Vilnius photometric system of the Andrushivka Astronomical Observatory in Zhytomyr Region (Ukraine) [7]. They are installed at the Zeiss-600 Cassegrain reflector together with the 15-bit 1024×1024 CCD-camera S1C-017. The response curves of instrumental photometric systems are presented and a comparison of them with a standard system are analysed. Test observations in the Vilnius system of the star cluster IC 4665 with the Andrushivka filters were carried out in May--June 2003. The MIDAS/ROMAFOT and ASTROIMAGE software is adapted for digital processing of CCD-images of stellar fields. Comprehensive ground-based observations are being planned to design a catalogue of primary UPXYZVS CCD-standards in selected areas of the sky where are with radio sources, globular and open clusters, etc.

  5. Deterministic Elements of Japanese Stock Prices under Low Interest Rates

    Directory of Open Access Journals (Sweden)

    Yutaka Kurihara

    2016-05-01

    Full Text Available This paper uses daily data to perform an empirical analysis of the relationship between recent Japanese stock prices and macroeconomic variables under the zero or low interest policy in Japan. The empirical results indicate that short-term interest rates have not impacted Japanese stock prices. On the other hand, long-term interest rates, exchange rates, and foreign stock prices have been significant determinants of Japanese stock prices. This seems counter to traditional economic theory, but interest rates were quite low and other variables, such as exchange rates and other stock prices, play important roles in determining Japanese stock prices.

  6. RESEARCH INTO THE READING PROCESS OF OF THE ACADEMIC COMMUNITY OF THE OLD VILNIUS UNIVERSITY: ASPECTS OF HISTORIOGRAPHY

    OpenAIRE

    Krakyte, Asta

    2006-01-01

    The article provides a general overview of the research into the reading process of the academic community of Vilnius University in 1579–1832 derived from significant research in librarianship andbook science. It presents sources and strategies to reveal the multifaceted relations existing between literature, the reader, priorities, the environment, results, etc. This article also analyzes works in humanities and social sciences with significantly reliable data related to particular aspects o...

  7. 26 CFR 20.2031-2 - Valuation of stocks and bonds.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 14 2010-04-01 2010-04-01 false Valuation of stocks and bonds. 20.2031-2... Valuation of stocks and bonds. (a) In general. The value of stocks and bonds is the fair market value per... a market for stocks or bonds, on a stock exchange, in an over-the-counter market, or otherwise, the...

  8. Salmon stocks

    National Research Council Canada - National Science Library

    Walters, C; Korman, J

    1999-01-01

    The PFRCC, in this first report, intends to provide a broad species-by-species overview of stock status and trends for BC as a whole, as well as an overview of the relevant fisheries management issues...

  9. Motives for the Choice of Studies – Unique Study Programmes and Their Publication (the Survey of Vilnius Gediminas Technical University

    Directory of Open Access Journals (Sweden)

    Rasa Levickaitė

    2011-06-01

    Full Text Available In the school year of 2009–2010 Vilnius Gediminas Technical University initiated the the survey of motives for studies at this university. The aim of the research is to conduct a survey among first year undergraduate students and find out motives for their choise to study at Vilnius Gediminas Technical University. Due to weaknesses of national science and studies system, devaluation of diplomas, outdated teaching methods, scien- tific research unproductivity and simulation, lack of attention to the student, ineffective study loans system, discrimination of private study institutions and their students, etc., a new Science and Study Law was initiated in 2009. Thus new challenges to the country, universities, and university communities arise. Future students are becoming more aware studying opportunities both within the country and abroad. Motives and choices of studies are determined by more complex approaches and levers. The article analyses a survey is based on responses of first year undergraduates of Vilnius Gediminas Technical University. The objective of the survey is to find out why and how students have chosen to study at this university. The purpose of the article is to identify these motives, provide analysis and assessment of survey data.

  10. The Map of Vilnius Graffiti as an Indicator of Social Urban Change: the Case Study of Naujininkai Neighborhood

    Directory of Open Access Journals (Sweden)

    Veronika Urbonaitė-Barkauskienė

    2014-05-01

    Full Text Available This article, theoretically based on socio-spatial concepts of Lefebvre, de Certeau and their further interpreta - tions at the New Urban Sociology school (by Gottdiener, Zukin and others, examines the spread of graffiti in the urban space of Vilnius, the change of the local graffiti map during the years 2010–2013 and the possible social implications of the spotted modification of urban landscape. The qualitative research of Vilnius graffiti – which is understood both as an urban practice and an illicit urban inscription – and the case of Naujininkai neighborhood in particular, is based on data obtained from 1 in-depth interviews with experienced graffiti artists, 2 observation of graffiti in public space and 3 visual urban ethnography. Naujininkai neighborhood was attributed by local graffiti writers to the urban periphery in Vilnius graffiti map in 2010. However in 2010–2013 the visual development of urban landscape in Naujininkai indicates the trend, bringing the neigh- borhood a little closer to the urban core.

  11. Heavy metal contamination in surface runoff sediments of the urban area of Vilnius, Lithuania

    Directory of Open Access Journals (Sweden)

    Gytautas Ignatavičius

    2017-02-01

    Full Text Available Surface runoff from urbanized territories carries a wide range of pollutants. Sediments in untreated runoff from direct discharge stormwater systems significantly contribute to urban waterway pollution. In this study, heavy metal (Pb, Zn, Cu, Cr, Ba, As and Fe contamination in surface runoff sediments of the urban area of the city of Vilnius was investigated. The surface runoff sediment samples were collected from seven dischargers with the highest volume rate of water flow and concentrations of suspended solids. The geospatial analysis of the distribution of heavy metals shows that there are several active pollution sources supplying the dischargers with contaminated sediments. Most of these areas are located in the central part of the city and in old town with intense traffic. Principal components analysis and t-test results clearly depicted the significantly different chemical compositions of winter and autumn surface sediment samples. The sampling approach and assessment of results provide a useful tool to examine the contamination that is generated in urban areas, distinguish pollution sources and give a better understanding of the importance of permeable surfaces and green areas.

  12. Retrorectal tumours: literature review and Vilnius university hospital "Santariskiu klinikos" experience of 14 cases

    Directory of Open Access Journals (Sweden)

    Strupas K

    2011-05-01

    Full Text Available Abstract Objective Retrorectal tumours are rare lesions in adults. The diagnosis of retrorectal lesion is often difficult and misdiagnosis is common. We present significant number of cases in view of scarce information available on this matter. Methods 14 patients were treated at Vilnius university hospital "Santariskiu klinikos" Centre of abdominal surgery from 1997 to 2010. The case notes of patients who underwent surgery for a retrorectal tumour were reviewed retrospectively. Surgical histories, operations, histological tumour type, surgical time, weight of the specimen, blood loss, length of stay were analysed. Results 13 patients underwent laparotomy, 1 patient had combined perineal approach and laparotomy. The most common types of the tumour were fibroma (3 cases, leiomyosarcoma (2 cases. 5 tumours (35,7% were found to be malignant. 57% of the patients had undergone at least one operation prior to definitive treatment. 5 female patients were initially admitted under gynaecologists. Hospital stay varied from 14 days to 22 days (mean 16,2 days. A report of a representative case is presented. Conclusions Retrorectal lesions in female patients can mimic gynaecological pathology. Patients with this rare pathology are to be treated in a major tertiary hospital by surgeons, who are able to operate safely in the retrorectal space.

  13. The Australian stock market development: Prospects and challenges

    Directory of Open Access Journals (Sweden)

    Sheilla Nyasha

    2013-06-01

    Full Text Available This paper highlights the origin and development of the Australian stock market. The country has three major stock exchanges, namely: the Australian Securities Exchange Group, the National Stock Exchange of Australia, and the Asia-Pacific Stock Exchange. These stock exchanges were born out of a string of stock exchanges that merged over time. Stock-market reforms have been implemented since the period of deregulation, during the 1980s; and the Exchanges responded largely positively to these reforms. As a result of the reforms, the Australian stock market has developed in terms of the number of listed companies, the market capitalisation, the total value of stocks traded, and the turnover ratio. Although the stock market in Australia has developed remarkably over the years, and was spared by the global financial crisis of the late 2000s, it still faces some challenges. These include the increased economic uncertainty overseas, the downtrend in global financial markets, and the restrained consumer confidence in Australia.

  14. Are there spillover effects from Hong Kong and the United States to Chinese stock markets

    OpenAIRE

    Diekmann, Katharina

    2011-01-01

    Stock market integration of mainland China is analyzed before and after the liberalization of Chinese stock exchange segments. We apply a causality-in-variance procedure, using four mainland China stock market indices, two indices of the stock exchange in Hong Kong and the Dow Jones Industrial index. We find evidence of global and regional integration, but we do not find evidence for increasing integration after stock market liberalization, neither with Hong Kong nor with the United States.

  15. Level crossing analysis of the stock markets

    Science.gov (United States)

    Jafari, G. R.; Movahed, M. S.; Fazeli, S. M.; Rahimi Tabar, M. Reza; Masoudi, S. F.

    2006-06-01

    We investigate the average frequency of positive slope να+ crossing for the returns of market prices. The method is based on stochastic processes in which no scaling feature is explicitly required. Using this method we define a new quantity to quantify the stage of development and activity of stock exchanges. We compare the Tehran and western stock markets and show that some, such as the Tehran (TEPIX) and New Zealand (NZX) stock exchanges, are emerging, and also that TEPIX is a non-active market and is financially motivated to absorb capital.

  16. Inappropriate habits of antibiotic use among medical specialists and students in Vilnius.

    Science.gov (United States)

    Barkus, Artūras; Lisauskienė, Ingrida

    2016-01-01

    The resistance to antibacterial drugs is an emerging worldwide problem. Numbers of inappropriate ways to use antibiotics contribute to this issue. Self-medication is one of them. This study seeks to find out how prevalent the self-medication with antibiotics, their storage at home and the inappropriate acquisition of antibacterial drugs are among medical specialists in Vilnius, Lithuania. A cross-sectional survey was conducted. To better identify the potential target groups, the respondents were classified according to their relation to medical care: physicians, other medical personnel, medical students and people, directly not related to medical care. The overall actual self-medication with antibiotics rate was 4.0%. And, although the actual self-medication rate might seem rather low, the intended self-medication rate was 51.4%. Also, a prevalent antibacterial drugs storage at home (45.8%) with a wide variety of preparations was reported. Only 61.9% respondents received prescriptions for antibiotics from their treating physician. 7.6% used the non-prescribed medicines and 22.0% received a prescription from a physician, who was either their colleague or a familiar person. Inappropriate habits of antibiotic use are prevalent. While there were some differences between the research groups, most of them were not statistically significant. It means that measures should be taken targeting health care givers as well as the general population. Educational programs about the rational use of antibiotics may help reducing the improper habits of antibacterial drugs usage, including self-medication. Encouraging the electronic drug prescription may be beneficial while reducing the prevalent inappropriate acquisition of antibiotics.

  17. An Application of GARCH while investigating volatility in stock returns of the World.

    OpenAIRE

    Subhani, Muhammad Imtiaz; Hasan, Syed Akif; Osman, Ms. Amber

    2012-01-01

    A healthy stock market is a sign of sound and healthy economy. Stock market is a volatile market affected, at times directly and most often indirectly, by many micro and macroeconomic players. Of these players interest rates and exchange rates are among the ones undertaken in this study. The rationale behind this study is to ascertain the volatility in stock returns of various stock exchanges in relevance to interest rates and exchange rates over a range of 8 countries for assorted periods. G...

  18. PUBLICATIONS OF MYKOLAS BIRZISKA IN VILNIUS PRESS AT THE BEGINNING OF THE 20TH CENTURY: FEATURES OF THE INTELLECTUAL BIOGRAPHY

    Directory of Open Access Journals (Sweden)

    Kvietkauskas, Mindaugas

    2006-12-01

    Full Text Available Mykolas Birziska (1882–1962 was a prominent Lithuanian scholar and politic, a signatory of the Act of Independence (1918, a member of Lithuanian Council (1917–1920, director of the first Lithuanian Gymnasium of Vytautas the Great in Vilnius (1915–1922, professor and rector of Kaunas and Vilnius universities. This articles deals with his early journalistic activities and editorship in the press in Vilnius before the outbreak of the First World War, and seeks to analyze the formation of his intellectual and political attitudes. In 1905, being a member of the Party of Lithuanian Social Democrats, Birziska began his journalistic career in socialist press. In 1906 heedited a party newspaper “Echo” in Polish language, where his specific interest in cooperation between different nationalities first became vivid. At the same time he began contributing to theliberal and antinationalist newspaper of the Polish krajovtsy movement “Gazeta Wileñska” (edited by Michal Römer, that argued for the political equality and tolerant cultural coexistence of allthe national groups in Lithuania. After the closure of “Gazeta Wileñska”, Birziska in 1907–1908 cooperated with another liberal daily in Russian language “Severo-Zapadnyj Golos”. Writing in threelanguages and simultaneously contributing to Lithuanian, Polish, and Russian press, Birziska exercised a specific role of a publicist as a mediator between different cultural groups in the multinational city. Professional analysis of the national conflicts, the principals of cultural tolerance and liberal antinationalist outlooks became the dominant features of his trilingual journalistic texts. Consequently, Birziska seeked to realize these intellectual attitudes working at the Lithuanian daily “Vilniaus zinios” in 1908 and especially editing the journal “Visuomene” (1910–1911 for the Lithuanian leftist intelligentsia. Birziska’s journalistic activities and his early intellectual

  19. Do Economic Policy Decisions affect Stock Market Development in ...

    African Journals Online (AJOL)

    Agenor (2000) highlights that high inflation, large fiscal deficits and real exchange rate over-valuation constraint private sector .... that macroeconomic variables including inflation, money supply and exchange rate determine stock prices. However, Gan et al. ..... Past US Stock Market Booms. National Bureau of Economic ...

  20. EARNING MANAGEMENT, STOCK RETURN AND COMPANIES’ MERGER AND ACQUISITION

    OpenAIRE

    Sigit Handoyo; Fitria Rahmadani Putri

    2017-01-01

    The purpose of this study was to find out the practice earning management before merger and acquisitionannouncement. It also aimed to examine the differences of stock return before and after merger and acquisitionannouncement among companies that were listed on Indonesia stock exchange. The samples were 35 companiesthat did merger and acquisition and listed in Indonesia Stock Exchange (IDX) period 2004–2013. Then, thedata analysis was performed by computer statistic program SPSS. These sample...

  1. Terrorism and Stock Market Linkages: An Empirical Study from Pakistan

    OpenAIRE

    Arif, Imtiaz; Suleman, Tahir

    2014-01-01

    This paper investigated the impact of prolonged terrorist activities on stock prices of different sectors listed in Karachi Stock Exchange by using newly developed terrorism impact factor index with lingering effect (TIFL) and monthly time series data from 2002(Jan) to 2011(Dec). Johansen and Jeuselius cointegration revealed long run relationship between terrorism and stock price. Normalized cointegration vectors are used to test the effect of terrorism on stock price. Results demonstrated si...

  2. 17 CFR 240.16a-9 - Stock splits, stock dividends, and pro rata rights.

    Science.gov (United States)

    2010-04-01

    ..., and pro rata rights. 240.16a-9 Section 240.16a-9 Commodity and Securities Exchanges SECURITIES AND... Government Securities Dealers § 240.16a-9 Stock splits, stock dividends, and pro rata rights. The following... acquisition of rights, such as shareholder or pre-emptive rights, pursuant to a pro rata grant to all holders...

  3. Mapping Cultural Ecosystem Services in Vilnius using Hot-Spot Analysis.

    Science.gov (United States)

    Pereira, Paulo; Depellegrin, Daniel; Egarter-Vigl, Lukas; Oliva, Marc; Misiune, Ieva; Keesstra, Saskia; Estebaranz, Ferran; Cerda, Artemi

    2017-04-01

    Cultural services in urban areas are very important to promote tourism activities and develop the economy. These activities are fundamental for the sustainability of the urban areas since can represent an important monetary source. However, one of the major threats to the sustainability of cultural services is the high amount of visitants that can lead to a degradation of the services provided (Depellegrin et al., 2016). Mapping the potential of cultural ecosystems services is fundamental to assess the capacity that the territory have to provide it. Previous works used land use classification to identify the ecosystem services potential, and revealed to be a good methodology to attribute to each type of land use a specific capacity (Burkhard et al., 2008). The objective of this work is to map the cultural services in Vilnius area using a hot-spot analysis. Ecosystem services potential was assessed using the matrix developed by Burkhard et al. (2009), which ranks ES capacity from 0= no capacity to 5=very high relevant capacity to a different land use type. The results showed that with the exception of Cultural Heritage ecosystem services that had a random pattern (Z-score=0.62, pTourism (Z-score=4.02, pTourism ecosystem services had the maximum spatial correlation at the distance of 5125.12 m, Landscape Aesthetics at 3495.70 m, Knowledge Systems at 5218.66 m, Religious and Spiritual at 3495.70 m, Cultural Heritage at 6746.17 m and Natural Heritage at 6205.82 m. This showed that the cultural services studied have a different spatial correlation. References Burkhard B, Kroll F, Müller F, Windhorst W. 2009. Landscapes' capacities to provide ecosystem services- a concept for land-cover based assessments. Landscape Online. 15, 1-22. Depellegrin, D.A., Pereira, P., Misiune, I., Egarter-Vigl, L. Mapping Ecosystem Services potential in Lithuania. International Journal of Sustainable Development and World Ecology, 23, 441-455.

  4. 26 CFR 1.58-8 - Capital gains and stock options.

    Science.gov (United States)

    2010-04-01

    ... Stock Exchange. He requests the stock certificates from his broker in the United States, travels to a... shares of stock pursuant to the exercise of an option which is under United States tax law a qualified or... from the sale or exchange of capital assets (or property treated as capital assets under United States...

  5. The stock market performance of the central banks of Belgium and Japan

    NARCIS (Netherlands)

    Kabir, Mohammed Rezaul; Goldberg, Lawrence G.

    2002-01-01

    Most central banks issue stock that is held by the government and/or commercial banks and is not tradable. In contrast, stocks of the central banks of Belgium and Japan are traded on the Brussels and Tokyo stock exchanges. The purpose of the paper is to examine this unique phenomenon of stock market

  6. 26 CFR 1.1242-1 - Losses on small business investment company stock.

    Science.gov (United States)

    2010-04-01

    ....1242-1 Losses on small business investment company stock. (a) In general. Any taxpayer who sustains a... the sale or exchange, of the stock of a small business investment company (whether or not such stock... operating loss shall not apply to any loss with respect to the stock of a small business investment company...

  7. 26 CFR 1.358-6 - Stock basis in certain triangular reorganizations.

    Science.gov (United States)

    2010-04-01

    ... acquisition by S of T stock in exchange for P stock in a transaction that qualifies as a reorganization under... (c)(2), P's basis in its T stock acquired in a reverse triangular merger equals its basis in its S... $5 cash (which S retains), and T merges into S. In the merger, the T shareholders receive P stock...

  8. The memoirs of Vilnius bishop Adam Stanisław Krasiński: from manuscript to publication

    Directory of Open Access Journals (Sweden)

    Aldona Prašmantaitė

    2013-12-01

    Full Text Available Bishop of Vilnius Diocese Adam Stanisław Krasiński (1810–1891 left a deep imprint not only as an active hierarch of the Roman Catholic Church, but also as an energetic participant of 19th c. cultural life, a man of letters. Not complying with the instruction of Governor General Michael Murav’ev to issue a circular condemning the 1863 uprising, Krasiński in the early summer of 1863 was exiled to Vyatka (now Kirov. Released from exile in 1883, without the right to return to his diocese, Krasiński settled in Krakow. The period of the life of the bishop in Krakow from a creative point of view was very productive. From his youth interested in literature, having also been a man of letters, the preparer of a dictionary of Polish synonyms, Krasiński while living in Krakow began to write memoirs. For the first time the Memoirs [Wspomnienia] of the Bishop of Vilnius written in his native Polish were published in 1900 in the newspaper „Czas”, and in the same year 1900 (or in early 1901 the „Czas” publishing house issued them as a book with a press run of 150 copies. In the Memoirs there are interesting details from the history of the Piarist order, about the situation of the Roman Catholic Church in the lands of the former Polish-Lithuanian Commonwealth that after its collapse fell to the Russian Empire, and the literary and intellectual realities of life in Vilnius. The twenty years of exile are described very succinctly and the life in Krakow after returning from exile is not even mentioned at all. The paper reconstructs the path of the Vilnius Bishop’s memoirs from manuscript to printing at the beginning of the 20th c. While uncovering the circumstances of the writing and publishing of the Memoirs, it was determined that in the collections of the National Museum in Krakow since 1917 is stored not the manuscript of Krasiński ‘s memoirs, but its editorial version with fragments of the autograph. It is assumed that the original

  9. RESEARCH INTO THE READING PROCESS OF OF THE ACADEMIC COMMUNITY OF THE OLD VILNIUS UNIVERSITY: ASPECTS OF HISTORIOGRAPHY

    Directory of Open Access Journals (Sweden)

    Krakyte, Asta

    2006-12-01

    Full Text Available The article provides a general overview of the research into the reading process of the academic community of Vilnius University in 1579–1832 derived from significant research in librarianship andbook science. It presents sources and strategies to reveal the multifaceted relations existing between literature, the reader, priorities, the environment, results, etc. This article also analyzes works in humanities and social sciences with significantly reliable data related to particular aspects of the issue.After investigating works of Lithuanian and Polish scientists M. Brensztejn, L. Piechnik, M. Birziska, L. Vladimirovas, P. Rabikauskas, D. Kuolys, etc., and comparing their deductions, it was observed that reading at Vilnius University in 1579–1832 was influenced by programs of sciences and official regulations of the Jesuit order no less than by local conditions. It is important to emphasize the remarkable influence of the characteristic classical model of education, applied at the University since 1579 and based on the learning of Latin, Greek and Hebrew language. Some changes were made to the local system of education since the middle of the 18th century due to the influence of the Piar order, but Jesuit authority directed the institution until 1832. Referred articles show that the process of education in Vilnius University was intended to promote a high level of maturity of the reader. During the process of learning new languages, students went through different stages of reading, improving their skills by interpretation and analysis. This was further cultivated in disputations, theatre performances and promoted by creating new texts, especially occasional publications. This process is reflected in numerous publications and manuscripts written by professors and students. Data accumulated in referred articles show that the usage of literature by academic community was influenced by books collated by University Library and traditional

  10. Evaluating and comparing the ability to predict the bankruptcy prediction models of Zavgren and Springate in companies accepted in Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Ghodratollah Talebnia

    2016-07-01

    Full Text Available Recent bankruptcy of large companies at international level and volatilities of securities in Iran have highlighted the necessity of evaluating the financial power of companies. One of the evaluating tools is using bankruptcy prediction models. Bankruptcy prediction models are one of the tools for estimating the future condition of companies. The aim of this research is to present theoretical foundations and compare the results of investigating two models of Zavgren (1985 and Springate (1978 in Iran’s exchange market through main and adjusted coefficients according to statistical techniques of Logit and Multiple Discriminant Analysis (MDA. The data was gathered and tested from 2009 to 2013. The results indicated that the adjusted Springate Model was more efficient than other models in the bankruptcy year.

  11. Analysis of Corporate Governance practices in the Colombia Stock Exchange Análisis de las Prácticas de Gobierno Corporativo en la Bolsa de Valores de Colombia

    Directory of Open Access Journals (Sweden)

    Diógenes Lagos Cortés

    2013-10-01

    Full Text Available This paper discusses the application of corporate governance practices, as defined in the Code of Best Corporate Practices (Código País in issuers Colombia Stock Exchange (BVC. Using regression models is evidence linking the implementation of corporate governance practices and the total amount demanded by investors in the market, this relationship is significant in non-financial issuers. It is observed that corporate governance practices related to board the greatest influence on demand, however, are applied to a lesser extent by issuers.En este documento se analiza la aplicación de las prácticas de gobierno corporativo, definidas en el código de mejores prácticas corporativas (Código País, en los emisores de la Bolsa de Valores de Colombia (BVC. Usando modelos de regresión se encuentra evidencia de la existencia de una relación entre la aplicación de prácticas de gobierno corporativo y el monto total demandado por los inversionistas en el mercado, esta relación es significativa en los emisores no financieros. Se observa que las prácticas de gobierno corporativo relacionadas con la junta directiva ejercen mayor influencia en la demanda; sin embargo, son aplicadas en menor medida por los emisores.

  12. Crude oil price shocks and stock returns. Evidence from Turkish stock market under global liquidity conditions

    Energy Technology Data Exchange (ETDEWEB)

    Berk, Istemi [Koeln Univ. (Germany). Energiewirtschaftliches Inst.; Aydogan, Berna [Izmir Univ. of Economics (Turkey). Dept. of International Trade and Finance

    2012-09-15

    The purpose of this study is to investigate the impacts of crude oil price variations on the Turkish stock market returns. We have employed vector autoregression (V AR) model using daily observations of Brent crude oil prices and Istanbul Stock Exchange National Index (ISE- 1 00) returns for the period between January 2, 1990 and November 1, 2011. We have also tested the relationship between oil prices and stock market returns under global liquidity conditions by incorporating a liquidity proxy variable, Chicago Board of Exchange's (CBOE) S and P 500 market volatility index (VIX), into the model. Variance decomposition test results suggest little empirical evidence that crude oil price shocks have been rationally evaluated in the Turkish stock market. Rather, it was global liquidity conditions that were found to account for the greatest amount of variation in stock market returns.

  13. Socio-economy and stock market volatility

    Directory of Open Access Journals (Sweden)

    Md Sharif Hossain

    2017-10-01

    Full Text Available We evaluate how stock market return volatility behaves with respect to socioeconomic factors namely- interest rate volatility, foreign exchange rate volatility, S &P 500 index volatility, broad money supply volatility, per capita GDP, domestic investment, industry value addition, tertiary level of education, urbanization, and strike and blockades using time series data from 1976-2015. We find that interest rate volatility has significant positive impact on stock market return volatility where broad money supply volatility, foreign exchange rate volatility, tertiary level of education, and domestic investment have significant negative impact on stock market volatility based on stepwise regression. Therefore, increase in tertiary level of education and domestic investment makes the stock market more stable. From the estimated result of VAR model, results show no short run causality among these variables.

  14. Desempenho produtivo da tilápia do Nilo (Oreochromis niloticus L. em diferentes densidades e trocas de água em “raceway” Productive performance of the nile tilapia (Oreochromis niloticus L. in tanks with different water exchanges and stocking density in raceway

    Directory of Open Access Journals (Sweden)

    Paulo César Silva

    2002-04-01

    Full Text Available Avaliou-se o desempenho produtivo dos alevinos de tilápia do Nilo, (Oreochromis niloticus L. (Perciformes Cichlidae estocados nas densidades de 90, 120 e 150 peixes/tanque, em 24 tanques circulares com 0,5 m³, em duas trocas totais de água (30 e 60 minutos, no sistema “raceway”. Utilizou-se o delineamento inteiramente casualizado, em esquema fatorial 3x2, para análise dos dados. Após 128 dias, o peso final e o ganho de peso foram superiores na maior troca de água e menor densidade; a conversão alimentar não alterou significativamente; a biomassa total aumentou com o aumento da renovação de água e densidade de estocagem de 120 e 150 peixes/m³; a taxa de crescimento específico aumentou na maior renovação da água; os rendimentos de filé e de carcaça diminuíram com a menor troca de água nas maiores densidades de estocagem. Os melhores resultados ocorreram com troca total de água em 30 minutos, nas densidades de estocagem de 120 e 150 peixes/m³.Nile tilapia, Oreochromis niloticus L. (Perciformes Cichlidae fingerlings were stocked at 90, 120 and 150 fishes in 24 circular tanks (0,5 m³, submitted to two full water exchanges, in a 30 and 60 minutes, in raceway system, to evaluate productive performance. The performance results were analyzed through a completely randomized design, in a 3x2 factorial scheme. After 128 days, the final weight and the weight gain were higher in larger water exchange and lower stocking density. The feed conversion ratio with non-significant statistical differences. The total biomass increased with the water exchange and stocking density increasing for 120 and 150 fishes/m³; the specific growth ratio increased with water exchange increasing; the fillet yield and the carcass yield decreased significantly with lower water exchange and bigger stocking density. In this research, it was concluded that the best performance parameters were obtained with full water exchange in 30 minutes, at bigger stocking

  15. Realization of Vilnius UPXYZVS photometric system for AltaU42 CCD camera at the MAO NAS of Ukraine

    Science.gov (United States)

    Vid'Machenko, A. P.; Andruk, V. M.; Samoylov, V. S.; Delets, O. S.; Nevodovsky, P. V.; Ivashchenko, Yu. M.; Kovalchuk, G. U.

    2005-06-01

    The description of two-inch glass filters of the Vilnius UPXYZVS photometric system, which are made at the Main Astronomical Observatory of NAS of Ukraine for AltaU42 CCD camera with format of 2048×2048 pixels, is presented in the paper. Reaction curves of instrumental system are shown. Estimations of minimal star's magnitudes for each filter's band in comparison with the visual V one are obtained. New software for automation of CCD frames processing is developed in program shell of LINUX/MIDAS/ROMAFOT. It is planned to carry out observations with the purpose to create the catalogue of primary UPXYZVS CCD standards in selected field of the sky for some radio-sources, globular and open clusters, etc. Numerical estimations of astrometric and photometric accuracy are obtained.

  16. Fish stocking density impacts tank hydrodynamics

    DEFF Research Database (Denmark)

    Rasmussen, Michael R.; Lunger, Angela; Laursen, Jesper

    2006-01-01

    The effect of stocking density upon the hydrodynamics of a circular tank, configured in a recirculation system, was investigated. Red drums Sciaenops ocellatus of approximately 140 g wet weight, were stocked at five rates varying from 0 to 12 kg m-3. The impact of the presence of fish upon tank...... hydrodynamics was established using in-tank-based Rhodamine WT fluorometry at a flow rate of 0.23 l s-1 (tank exchange rate of 1.9 h-1). With increasing numbers of animals, curvilinear relationships were observed for dispersion coefficients and tank mixing times. Stocking densities of 3, 6, 9 and 12 kg m-3...

  17. MODELADO DEL PRECIO DEL CAFÉ COLOMBIANO EN LA BOLSA DE NUEVA YORK USANDO REDES NEURONALES ARTIFICIALES MODELLING OF THE COLOMBIAN COFFEE PRICE IN THE NEW YORK STOCK EXCHANGE USING ARTIFICIAL NEURAL NETWORKS

    Directory of Open Access Journals (Sweden)

    Juan David Velásquez Henao

    2007-12-01

    Full Text Available En este artículo, se modela el precio promedio mensual del café colombiano en la Bolsa de Nueva York, usando varios modelos alternativos. El modelo final seleccionado está compuesto por una componente lineal autorregresiva más una red neuronal artificial tipo perceptron multicapa con dos neuronas en la capa oculta, que permite representar la dinámica que sigue el valor esperado de la serie de precios; mientras que la dinámica de los residuales es especificada usando un proceso heterocedástico condicional autoregresivo de primer orden. Los residuales normalizados del modelo son incorrelacionados y homocedásticos, y siguen aproximadamente una distribución normal. Los resultados indican que el precio actual depende de los precios ocurridos en los últimos cuatro meses.In this paper, the monthly average price of the Colombian coffee in the New York Stock Exchange, is modelling by means of several alternative models. The preferred model is composed by a lineal autoregressive component plus a multilayer perceptron neural network with two neurons in the hidden layer, that allow us to representing the dynamic following by the expected value of the price time series; while, the dynamic of the residuals is specified by an autoregressive conditional heterocedastic model of first order. The normalized residuals of the preferred model are uncorrelated, homocedastic and are distributed following a normal distribution. The results indicate that the current price depend of the prices in the previous four months.

  18. Market Confidence Predicts Stock Price: Beyond Supply and Demand.

    Directory of Open Access Journals (Sweden)

    Xiao-Qian Sun

    Full Text Available Stock price prediction is an important and challenging problem in stock market analysis. Existing prediction methods either exploit autocorrelation of stock price and its correlation with the supply and demand of stock, or explore predictive indictors exogenous to stock market. In this paper, using transaction record of stocks with identifier of traders, we introduce an index to characterize market confidence, i.e., the ratio of the number of traders who is active in two successive trading days to the number of active traders in a certain trading day. Strong Granger causality is found between the index of market confidence and stock price. We further predict stock price by incorporating the index of market confidence into a neural network based on time series of stock price. Experimental results on 50 stocks in two Chinese Stock Exchanges demonstrate that the accuracy of stock price prediction is significantly improved by the inclusion of the market confidence index. This study sheds light on using cross-day trading behavior to characterize market confidence and to predict stock price.

  19. Market Confidence Predicts Stock Price: Beyond Supply and Demand.

    Science.gov (United States)

    Sun, Xiao-Qian; Shen, Hua-Wei; Cheng, Xue-Qi; Zhang, Yuqing

    2016-01-01

    Stock price prediction is an important and challenging problem in stock market analysis. Existing prediction methods either exploit autocorrelation of stock price and its correlation with the supply and demand of stock, or explore predictive indictors exogenous to stock market. In this paper, using transaction record of stocks with identifier of traders, we introduce an index to characterize market confidence, i.e., the ratio of the number of traders who is active in two successive trading days to the number of active traders in a certain trading day. Strong Granger causality is found between the index of market confidence and stock price. We further predict stock price by incorporating the index of market confidence into a neural network based on time series of stock price. Experimental results on 50 stocks in two Chinese Stock Exchanges demonstrate that the accuracy of stock price prediction is significantly improved by the inclusion of the market confidence index. This study sheds light on using cross-day trading behavior to characterize market confidence and to predict stock price.

  20. 26 CFR 25.2512-2 - Stocks and bonds.

    Science.gov (United States)

    2010-04-01

    .... The value of stocks and bonds is the fair market value per share or bond on the date of the gift. (b) Based on selling prices. (1) In general, if there is a market for stocks or bonds, on a stock exchange... prices on the date of the gift is the fair market value per share or bond. If there were no sales on the...